EU chief says pressure off for lower Russia oil price cap / Photo: Michael Kappeler - POOL/AFP
-
RSC’s ‘Julius Caesar’ Reimagined in Women’s Prison Setting for School Tour
-
Rock & Roll Hall of Fame Inductees Announced; Attendance List Shrinks
-
Thomson Reuters Integrates CUBE Regulatory Intelligence into CoCounsel Legal
-
Below Deck alumnus João Franco and brother arrested after fatal Turkey fight
-
Ole Miss inquiry expands after video and monkey-noise allegations
-
Thousands of Urban Homes Left Without High-Speed Internet Due to Broadband Blackspots
-
General Hospital actor Randall England dies at 75
-
Bunnie XO artwork taken down from Jelly Roll’s Nashville bar
-
London museum removes Russell Brand hair exhibit after rape conviction
-
Arlington sentinel rebukes Pete Hegseth entourage for laughter near memorial
-
Yella Beezy sentenced to life for arranging rapper Mo3’s murder
-
Kylie Jenner employee describes closet ordeal and pepper-spray incident
-
Authorities to identify Montauk Mary and five other Long Island cold-case victims
-
Davante Adams injury deepens Los Angeles Rams receiver shortage
-
Barbie sequel negotiations stall over reported $25 million pay packages
-
João Franco’s earlier post draws attention after arrest over fatal Turkey brawl
-
Bath & Body Works launches buy-one-get-one-free candle offer
-
Alberta Launches $5M Fund for Women’s Neurology Research to Address Gender Gaps
-
Itlu Arjuna receives U/A certificate ahead of theatrical release
-
Dhananjaya de Silva guides Sri Lanka to 221-4 against Pakistan
-
Niraj Kumar earns Los Angeles Olympic quota with 50m rifle bronze
-
Delhi gold loses Rs 800 while silver falls Rs 5,000
-
India extends micro-credit guarantee plan for five years
-
Madlanga Commission Deadline Extended to 2027 Amid Calls for Structural Justice Reform
-
Pradeep Antony, Smeha Manimegalai portray secret spouses in Mr & Mrs Office
-
Zelenskyy arrives in Dublin for meetings on Ukraine and peace efforts
-
Woman barred from every Greggs outlet after series of offences
-
Jury hears social-media image helped identify teen in Scarlett Faulkner case
-
Ketchup packets link suspect to break-in at Eddie Rocket’s restaurant
-
American Airlines passenger falls ill and vomits on three travellers
-
OPEC Says Oil Output Is Near Prewar Levels Despite Shipping Disruptions
-
US Inflation Broadens as Fed Officials Consider Faster Rate Hikes
-
China's Singles' Day Exposes Persistent Consumer Caution
-
China's Trade Surplus Passes $1 Trillion as Technology Exports Surge
-
Energy Costs Push OECD Inflation Up to 4.5%
-
Bank of England Raises Interest Rate to 4% as Energy Risks Intensify
-
US Adds 165,000 Jobs as Unemployment Falls to 4.1%
-
China's Factory Inflation Accelerates While Consumer Demand Stays Weak
-
Euro-Area Inflation Reaches 4% as Energy Prices Jump
-
Spain's General Strike Links Housing Crisis to Lost Purchasing Power
-
Irish police prepare for further hoax bomb threats after hundreds of schools targeted
-
Korea, Singapore and New Zealand Advance Green Trade Pact Talks
-
RBA Inflation Target Origins: Why Australia Chose a Range Over Zero
-
Ireland and Ukraine consider drone cooperation memorandum after Dublin talks
-
Sister recounts fatal machete attack as Irish murder trial continues
-
Georgia refrigeration company sues EPA after five-year HFC reprieve
-
HoloCoder technology promises brighter smartphone images and 3D depth data
-
EU proposes broad consumer safeguards for apps, subscriptions and ticketing
EU chief says pressure off for lower Russia oil price cap
EU Commission Chief Ursula von der Leyen on Tuesday said surging energy prices have reduced the urgency to slash the price cap on Russia's global oil exports.
The European Commission, the EU's executive arm, had suggested cutting the current oil price cap from $60 to $45 as Moscow drags its feet on a ceasefire in Ukraine.
The measure would have been a major component of a fresh wave of sanctions against Russia planned by the EU, with hopes that the United States would also commit.
The EU had said it would make its case at the G7 summit being held at a wooded resort in Alberta, Canada, but the gathering was overshadowed by the conflict between Israel and Iran that sent US President Donald Trump home early to handle the crisis.
The current $60 cap "had little effect, but in the last days, we have seen that the oil price has risen [and] the cap in place does serve its function," von der Leyen told reporters on the sidelines of the G7 meeting.
"So for the moment, there's little pressure on lowering the oil price cap," she added.
The existing cap was a G7 initiative aimed at limiting the amount of money Russia makes by exporting oil to countries across the world.
It was designed to limit the price Moscow can get for oil by banning shipping firms and insurance companies from dealing with Russia to export above that amount.
Under the leadership of the previous Biden administration, it was set at $60 by the G7 in late 2022, months after the invasion of Ukraine.
To have the most impact, the EU and other G7 partners need to get the United States to follow suit and agree to the price cut.
But Trump so far has frustrated Western allies by refusing to impose new sanctions on Russia despite President Vladimir Putin's failure to agree to a Ukraine ceasefire.
Von der Leyen said the G7 leaders, with Trump still present, on Monday discussed coordinating on sanctions against Russia "to put more pressure" on Russian President Vladimir Putin.
The EU's latest proposal for an 18th round of sanctions since Russia's invasion also includes measures to stop the defunct Baltic Sea gas pipelines Nord Stream 1 and 2 from being brought back online.
"The fact that we have just put another hardened, biting package of sanctions on Russia is proof" of the EU's continued support for Ukraine, von der Leyen said.
J.Williams--AMWN
