The European Union plans to cap Russian diesel prices at $100 a barrel, a level that could help prevent the worst effects of a fuel import ban the EU will impose on Moscow in just 10 days, Bloomberg reports.

The European Commission is considering cap levels after the G7 countries proposed a price range based in part on an existing cap on Russian crude. The thresholds are expected to apply starting Feb. 5, when the EU will ban nearly all imports of refined Russian oil products.

The EU and the G7 want to impose restrictions on Russian exports to third countries, whose companies will only be able to access key Western services if they agree to follow the sanctions. According to people familiar with the matter, the $100-a-barrel limit would apply to products such as diesel fuel, which trades at a premium over oil. A lower threshold of $45 would be set for discounted products such as heating oil, they said. The figures could still change during negotiations among member states.

The talks must balance two competing goals: limiting Russian revenues and preventing price spikes or shortages of key products on the world market. The EU will have to unanimously agree on price ceilings, which the G-7 will then have to approve.

EU diplomats will begin discussing price levels more formally on Friday, and heated talks are expected to continue over the next few days, with a group of countries seeking tougher limits on Russian oil export revenues and tougher broader EU sanctions on Moscow.

European officials have been particularly concerned about diesel shortages in the wake of the import ban, and the price caps are aimed at ensuring that Russian exports can still be sold to other parts of the world, thereby maintaining the balance of global supplies.

There is still uncertainty about whether other regions will fill the buying void when the ban takes effect in Europe, but restrictions acceptable to Russia should help keep trade going.