European Union diplomats are close to finalising an 18th round of sanctions against Russia, with a key component being a revised, lower price cap on Russian oil, according to four EU sources. Reuters reporting. In brief:While nearly all parts of the package are agreed upon, one member state—reportedly Slovakia—still has technical reservations but is expected to sign off soon.proposal includes a dynamic pricing mechanism, with the cap set at 15% below the average global crude price over the past 22 weeks.would initially place the cap at around $47 per barrelwill be reviewed every six months rather than quarterlySlovakia had delayed the package due to concerns over phasing out Russian gas has now agreed in principleThe package also includes:A ban on transactions with Russia’s Nord Stream pipelinesRestrictions on financial networks helping Russia evade sanctionsNew listings including a Russian-owned refinery in India, two Chinese banks, and a flag registry used by Russia’s shadow oil fleet---The sanctions require unanimous support from all EU members. This effort is part of a broader push by the EU and UK to make the current G7-imposed $60 cap more effective, as falling oil prices have made the existing level less meaningful.The formal agreement is expected Monday, ahead of a foreign ministers' meeting on Tuesday in Brussels for approval. This article was written by Eamonn Sheridan at www.forexlive.com.