EU Oil Price-Cap Bid Loses Steam Without US Backing

Welcome to the Brussels Edition, Bloomberg's daily briefing on what matters most in the heart of the European Union.
An EU proposal to lower a Group of Seven oil-price cap to $45 per barrel from $60 and tighten the screws on Russia's revenues could be losing steam, we're told. The US is opposing the move and some member states are hesitant to move forward without President Donald Trump's backing. The surge in oil prices over Middle East tensions adds a new level of complexity, making arguments for going it alone with G-7 nations other than the US more difficult. One diplomat told us that several member states are worried that a lower price threshold could push crude prices even higher. Before exiting the G-7 summit in Canada early, Trump indicated he's in no rush to impose tougher sanctions on Russia. On the sidelines, Commission President Ursula von der Leyen met with Trump, and the EU's trade chief Maros Sefcovic sat down with US counterpart Jamieson Greer to discuss trade negotiations ahead of a July 9 deadline, when the US could hit the bloc with 50% tariffs on most EU exports.

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