EU Abandons Proposal to Lower Price Cap on Russian Oil to $45

The European Union shelved a plan for a stricter price cap on Russian oil exports over concerns that the US won’t back tougher sanctions due to rising crude prices.

The EU has proposed lowering the cap to $45 per barrel from the current $60, but oil’s surge following Israel’s attack on Iran has complicated efforts to find unanimity among the bloc’s 27 members.

Several EU states argue that a lower oil-price cap can only work if the US supports the measure, according to officials familiar with the discussions, who asked not to be identified. It has become clear following ...