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.
arp/bgs/ksb
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Hamilton Spectator
34 minutes ago
- Hamilton Spectator
The Latest: Trump muses about regime change in Iran after U.S. strikes on nuclear facilities
Israel's military said Monday it was striking around Iran's western city of Kermanshah, as fears of a wider regional conflict loomed large after the United States inserted itself into Israel's war by attacking Iranian nuclear sites. The operation raised urgent questions about what remained of Tehran's nuclear program and how its weakened military might respond. The price of oil rose as financial markets reacted. Iran lashed out at the U.S. for crossing 'a very big red line' with its risky gambit to strike the three sites with missiles and 30,000-pound bunker-buster bombs . President Donald Trump, who has warned of additional strikes if Tehran retaliates against U.S. forces, has mused about the possibility of 'regime change ″ in Iran, despite administration officials earlier indicating they wanted to restart talks with Iran. U.S. Secretary of State Marco Rubio, in an interview with CBS, said: 'Let's meet directly.' Ali Akbar Velayati, an adviser to Iran's supreme leader, said any country used by the U.S. to strike Iran 'will be a legitimate target for our armed forces,' the state-run IRNA news agency reported. Tens of thousands of American troops are based in the Middle East. Here is the latest: North Korea condemns U.S. strikes on Iran North Korea says it 'strongly condemns' the U.S. attack on Iranian nuclear facilities, calling it an egregious violation of Iran's territorial integrity and security interests. North Korea's Foreign Ministry said in a statement Monday that the United States and Israel were escalating tensions in the Middle East through the use of military force, and called on the 'just-minded international community' to raise a unified voice against their 'confrontational behavior.' During his first term, U.S. President Donald Trump met North Korean leader Kim Jong Un three times in 2018 and 2019, but their diplomacy collapsed over disagreements in exchanging the release of U.S.-led sanctions against North Korea and the North's steps to wind down its nuclear and missile program. Kim has since accelerated his arms development while ignoring talk offers by Washington and Seoul. He has shifted the priority of his foreign policy to Russia, sending thousands of troops and huge shipments of military equipment to fuel Russian President Vladimir Putin's war on Ukraine. Trump claims 'monumental damage' inflicted on Iranian nuclear sites President Donald Trump asserted on his Truth Social platform that Iran's nuclear sites sustained 'monumental damage' in the American attack, though a U.S. assessment on the strikes is still underway. 'The biggest damage took place far below ground level. Bullseye!!!' he wrote. U.S. defense officials have said they are working to determine about just how much damage the strikes did. Iran as well has not said how much damage was done in the attack, though Tehran has not offered any details so far on the strikes it has faced from Israel in its war with that country. Iran likely filled in tunnels at nuclear sites ahead of U.S. strikes An analysis of satellite photos by a nuclear nonproliferation group based in Washington shows Iran likely filled in tunnels at its nuclear site at Isfahan ahead of U.S. strikes early Sunday. The Washington-based Institute for Science and International Security published satellite images taken by Airbus it assessed showed trucks dumping soil into tunnels at the site on Friday. The U.S. attack likely targeted the tunnel entries, the group said. 'At least three of the four tunnel entrances are collapsed,' it said. 'The status of the fourth one is unclear.' Error! Sorry, there was an error processing your request. There was a problem with the recaptcha. Please try again. You may unsubscribe at any time. By signing up, you agree to our terms of use and privacy policy . This site is protected by reCAPTCHA and the Google privacy policy and terms of service apply. Want more of the latest from us? Sign up for more at our newsletter page .
Yahoo
42 minutes ago
- Yahoo
Pakistan condemns Trump for bombing Iran a day after recommending him for a Nobel Peace Prize
ISLAMABAD (AP) — Pakistan condemned U.S. President Donald Trump for bombing Iran, less than 24 hours after saying he deserved a Nobel Peace Prize for defusing a recent crisis with India. Relations between the two South Asian countries plummeted after a massacre of tourists in Indian-controlled Kashmir in April. The nuclear-armed rivals stepped closer to war in the weeks that followed, attacking each other until intense diplomatic efforts, led by the U.S., resulted in a truce for which Trump took credit. It was this 'decisive diplomatic intervention and pivotal leadership' that Pakistan praised in an effusive message Saturday night on the X platform when it announced its formal recommendation for him to receive the Nobel Peace Prize. Less than 24 hours later, however, it condemned the U.S. for attacking Iran, saying the strikes 'constituted a serious violation of international law' and the statute of the International Atomic Energy Agency. Pakistani Prime Minister Shehbaz Sharif, in a phone call Sunday with Iranian President Masoud Pezeshkian, expressed his concern that the bombings had targeted facilities that were under the safeguards of the IAEA. Pakistan has close ties with Iran and supports its attacks on Israel, saying it has the right to self-defense. There was no immediate comment on Monday from Islamabad about the Trump Nobel recommendation, which also followed a high-profile White House lunch meeting between the president and Pakistan's powerful army chief, Asim Munir. Thursday's meeting, which lasted more than two hours, was also attended by the Secretary of State Marco Rubio and Steve Witkoff, the U.S. Special Representative for Middle Eastern Affairs. According to a Pakistani military statement, a detailed exchange of views took place on the 'prevailing tensions between Iran and Israel, with both leaders emphasizing the importance of the resolution of the conflict.' While Pakistan was quick to thank Trump for his intervention in its crisis with India, New Delhi played it down and said there was no need for external mediation on the Kashmir issue. The Himalayan region of Kashmir is divided between Pakistan and India but claimed by both in its entirety. India accuses Pakistan of backing militant groups in the region, which Pakistan denies.
San Francisco Chronicle
an hour ago
- San Francisco Chronicle
Russian attacks on Ukraine kill at least 5 and injure over a dozen
KYIV, Ukraine (AP) — A Russian drone and missile attack on Ukraine's capital overnight killed at least four people and injured others, according to Ukraine's emergency services, as rescue workers and firefighters sought to remove people they believed trapped under debris in a partially collapsed apartment building. The strikes came nearly a week after a combined Russian attack on Ukraine last Tuesday killed 28 people in Kyiv, 23 of them in a residential building that collapsed after sustaining a direct hit by a missile. Ukrainian President Volodymyr Zelenskyy called that attack one of the biggest bombardments of the war, now in its fourth year. In the early hours of Monday, drones and missiles hit residential areas, hospitals and sports infrastructure in numerous districts across Kyiv, emergency services said, with the most severe damage occurring in the Shevchenkivskyi district, where one section of a five-story apartment building collapsed. Four people were confirmed dead in the attack on the building while 10 others had been rescued, emergency services said, adding they believed others were still trapped beneath the debris. Another person was killed and eight injured in the city of Bila Tserkva in the Kyiv region, around 85 kilometers (53 miles) southwest of the capital.
