EconomyPolitics The EU has proposed decreasing the Russian oil worth cap by one other $15, however the US is obstructing the initiative. Wednesday, Might 28, 2025

The European Fee and main EU international locations help decreasing the worth ceiling for Russian oil from $60 to $45 per barrel as a part of a brand new sanctions bundle in opposition to Russia. Sources aware of the discussions of the 18th EU sanctions bundle mentioned that the proposal is backed by France, Germany, Italy, and Britain, which isn’t a part of the EU.

Nonetheless, not all EU international locations and G7 companions are ready to help such a measure. At a gathering of G7 finance ministers in Canada, which is presently chairing the group, it was proposed to incorporate a clause on decreasing the worth ceiling within the ultimate assertion. Nonetheless, based on sources the initiative was blocked by US Treasury Secretary Scott Bessent. Within the ultimate communiqué, the G7 solely promised to “discover all attainable choices for rising strain” if Russia refuses to comply with a ceasefire.

Some EU international locations that had been beforehand skeptical of oil worth caps, together with Hungary and Greece, proceed to guage the initiative. Thus, discussions on a brand new sanctions bundle are ongoing.