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The Sun
5 days ago
- Business
- The Sun
EU chief says pressure off for lower Russia oil price cap
KANANASKIS: 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.
France 24
5 days ago
- Business
- France 24
EU chief says pressure off for lower Russia oil price cap
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.
Yahoo
5 days ago
- Business
- Yahoo
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
Int'l Business Times
5 days ago
- Business
- Int'l Business Times
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.
Yahoo
11-06-2025
- Business
- Yahoo
Slovak PM threatens to veto 18th sanctions package against Russia over energy concerns
Slovak Prime Minister Robert Fico threatened on June 10 to veto the EU's upcoming 18th sanctions package against Russia if concerns over Slovakia's reliance on Russian gas and energy exports were not addressed. The comments come as European Commission President Ursula von der Leyen announced on June 10 that the 18th package of European Union sanctions against Russia will include additional restrictions on energy, banking, and oil, among other areas. The EU has proposed for the first time a ban on transactions involving the Nord Stream 1 and Nord Stream 2 pipelines, as well as a reduction in the oil price cap from $60 to $45 per barrel, as one-third of Russia's government revenue still comes from oil exports, according to von der Leyen. Fico said on Facebook that he would block additional sanctions unless the bloc finds "a real solution to the crisis situation that Slovakia would face following a complete halt in the supply of gas, oil, and nuclear fuel from Russia." Historically, Slovakia has been heavily reliant on Russian gas and energy transfer, serving as a key transit hub for Russian exports to Western Europe. Since taking office in 2023, Fico has also reversed Slovakia's previous pro-Ukraine policy, ending military aid to Kyiv and questioning the value of EU sanctions on Russia. EU foreign policy decisions, including sanctions, require unanimous approval by all member states. A Slovak veto could force concessions or delay enforcement in future rounds. Fico's comments come as Slovakia's parliament passed a resolution on June 5 urging the government to oppose any new international sanctions or trade restrictions against Russia, citing alleged negative economic impacts. The non-binding resolution argued that sanctions imposed in response to Russia's full-scale invasion of Ukraine have driven up energy prices, disrupted supply chains, and harmed Slovak industry. Fico subsequently vowed on June 8 that he would veto new sanctions if they harm national interests, adding that he would not support any measure that halts Russian fuel imports that are used to power Slovakia's nuclear power plants. Unlike Ukraine-skeptic Hungarian Prime Minister Viktor Orban who has repeatedly obstructed and delayed the bloc's sanctions against Russia and military aid for Ukraine, Slovakia has not previously attempted to block EU sanctions. On May 6 the EU presented a detailed roadmap to fully sever the bloc's energy dependence on Russia by 2027. National governments, including Kremlin-friendly Hungary and Slovakia, will be required to submit individual phase-out plans by year's end. Read also: EU unveils 18th package of sanctions against Russia, targeting energy, banking, oil We've been working hard to bring you independent, locally-sourced news from Ukraine. Consider supporting the Kyiv Independent.
