The EU has amended part of its own sanctions to permit European companies to deal with some Russian state-owned entities, such as Rosneft, for the purpose of transporting oil to countries outside the bloc.

European companies will no longer be blocked from paying the likes of Rosneft, “if those transactions are strictly necessary”, for the purchase or transport of crude or petroleum products to third [world ?] countries, a European Commission spokesperson told the FT.

The White House has been working since June to push G7 countries to support a price-cap mechanism that would allow some Russian oil to reach third countries as long as they agreed to pay a below-market price for the cargo.