New Delhi, June 1 -- The European Union is weighing a temporary freeze on its price cap for Russian crude oil, as soaring energy markets driven by the ongoing war in the Middle East threaten to push the bloc's automatically adjusted threshold well above the level originally set by the Group of Seven, potentially blunting one of the West's central tools for curtailing Moscow's wartime revenues.

The proposal is being considered as part of the EU's 21st sanctions package against Russia since the full-scale invasion of Ukraine in 2022, with Brussels aiming to finalise and formally put forward new measures in early June. Envoys from member states were briefed on the plans last week, according to people familiar with the matter, who spoke on c...