The European Union watered down its latest sanctions proposal for a price cap on Russia’s oil exports by delaying its full implementation and softening key shipping provisions. The bloc proposed adding a 45-day transition to the introduction of the cap, according to a document seen by Bloomberg. The proposed grace period would apply to oil loaded before Dec. 5 -- the date oil sanctions are due to kick in -- and unloaded by Jan. 19, aligning the EU to a clause previously announced by the US and the UK. EU ambassadors are scheduled to meet on Wednesday with the aim of approving the cap, Bloomberg previously reported. ... (full story)