EconomyEnergyPolitics The battle between Iran and Israel has made it more difficult for the EU to decrease the value cap on Russian oil. Wednesday, June 18, 2025

Final week, the European Fee included a proposal within the draft of its Russian sanctions package deal to decrease the value cap on oil from the present $60 per barrel to $45. Some member states that assist the cap are apprehensive that the proposal might lack the required unanimous backing from EU governments with out assist from the US. A bunch of EU international locations voiced considerations in regards to the worth reduce throughout a gathering of ambassadors in Brussels. A number of international locations additionally highlighted the significance of coordinating with the G7, suggesting a hesitation to behave with out the US’ involvement. The latest improve in oil costs has made it difficult for the EU to take motion alongside different G7 companions with out assist from the US. The EU’s initiatives, backed by the UK, goal to decrease Russia’s earnings from oil gross sales, which the Kremlin makes use of to fund its warfare in Ukraine. Though oil costs fell under the G7 restrict in latest months, they’ve surged sharply following the Israeli strikes on Iran.