EU countries fail to agree on price cap

EU nations could not reach a compromise on imposing a price cap on Russian oil. Cyprus and Hungary are reportedly among the countries that have expressed opposition to the oil cap proposal. Sanctions in the EU require unanimity, giving each nation an effective veto.

It is noted that despite all the difficulties, the EU countries will still struggle to reach an accord and will likely postpone a deal on the issue until a broader sanctions package is agreed.

The European Commission is expected to push for a preliminary deal ahead of an informal gathering of EU leaders in Prague on Oct. 6.

Earlier today, Christine Lagarde, President of the ECB, said the situation with energy and food prices in the eurozone will continue to worsen.

"Higher energy and food prices are weighing in particular on the most vulnerable households and the situation is expected to get worse before it gets better,” Lagarde said.