The European Union's decision to implement a price cap for Russian oil shipments for third countries needs to be discussed more with G7 to work out the exact mechanism to set a specific cap, EU officials told Reuters on Thursday.

Additional takeaways

"27 EU countries will need another unanimous decision to approve price-setting mechanism under the cap once that clear within G7."

"Eighth round of sanctions adds oil cap for transport services, on top of banking and insurance services already agreed under the sixth package; price cap on top affects all areas."

"Cap will have to adapt to market prices, be set below market but at a level Russia would still want to sell."

"Oil price cap for transport services has exemptions for pilot services to avoid accidents."

"New oil cap must be agreed in full before December 5 or otherwise the previous blanket ban on banking and insurance services kicks in."

"Still discussing with G7 ways to avoid reflagging as a way around the oil cap."

"Level playing field important for EU seafaring nations vis-a-vis countries like Panama."

Market reaction

These remarks don't seem to be having a noticeable impact on the shared currency's performance against its rivals. As of writing, the EUR/USD pair was down 0.4% on the day at 0.9840.