European Commission President Ursula von der Leyen and her husband Heiko arrive at the Group of Seven (G7) Summit (Michael Kappeler) <\/p>\n
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.<\/p>\n
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.<\/p>\n
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.<\/p>\n
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.<\/p>\n
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.<\/p>\n
“So for the moment, there’s little pressure on lowering the oil price cap,” she added.<\/p>\n
The existing cap was a G7 initiative aimed at limiting the amount of money Russia makes by exporting oil to countries across the world.<\/p>\n
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.<\/p>\n
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.<\/p>\n
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.<\/p>\n
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.<\/p>\n
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.<\/p>\n
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.<\/p>\n
“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.<\/p>\n
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