US EditionEU seeks to lower a price cap on Russian oil and discourage Nord Stream pipeline investors
- On June 10, the European Commission put forward a proposal to reduce the price limit on Russian seaborne crude oil, set by the G7, from $60 down to $45 per barrel, while also introducing new sanctions that target the Nord Stream gas pipelines and vessels in Russia's shadow fleet.
- This proposal follows a drop in global oil prices and aims to adapt sanctions to current market conditions while requiring unanimous approval from EU members amid opposition from Hungary and Slovakia.
- The proposal will be discussed ahead of the G7 summit from June 15 to 17 in Canada, where officials hope to reach a political agreement despite prior finance minister disagreements and ongoing negotiations with US lawmakers.
- The new sanctions package aims to prohibit operations involving the Nord Stream 1 and 2 gas pipelines, expand the blacklist to include over 2,500 entries by adding more vessels from Russia’s shadow fleet and associated companies, and impose restrictions on banks from Russia and third countries.
- If adopted, these measures could deepen Russia's economic isolation, reduce oil revenue—which accounts for one-third of its government income—and increase pressure to negotiate peace in Ukraine.
76 Articles
76 Articles
EU could impose Russian oil price cap without US support, Kallas says
The European Union can impose an additional price cap on Russian oil without U.S. support, EU High Representative Kaja Kallas said at the Brussels Forum on June 11."If you think about the oil going through the channels, it's mostly Europe, it's via the Baltic Sea, it's via the Black Sea. So even if the Americans are not on board, we can still do it and have an impact," Kallas said.The EU's 17th package of sanctions against Russia came into effec…
EU diplomacy chief Kaya Kallas said that even if the United States does not agree to a further reduction in the price ceiling on Russian oil, the European Union can do it on its own.
Von der Leyen: $45 roof at the price of Moscow crude oil. North Stream and banks are also in sight. But we need the help of the U.S.
Ukrainian President Selenskyi thanked the EU for the planned tightening of sanctions, but he felt that the measures were not sufficient.
BRUSSELS - The European Union wants to further reduce Russia's oil revenues in order to force it to negotiate with Ukraine, just a few days from a G7 summit in Canada,...
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