EconomyEnergyPolitics The EU is not going to decrease the value ceiling for Russian oil with out G7 help. Tuesday, June 17, 2025

The bloc is not going to independently scale back the value ceiling for Russian oil from $60 to $45 per barrel, as this initiative is unlikely to realize help from the G7 nations. The proposal to decrease the value ceiling was beforehand included within the draft of the 18th bundle of EU sanctions in opposition to Russia. European Fee President Ursula von der Leyen has acknowledged that this determination should be made collectively with G7 companions and might be mentioned on the group’s summit in Canada. If the G7 doesn’t help reducing the value ceiling, the EU is not going to embrace this measure within the 18th bundle.

Nonetheless, the EC will suggest banning all new contracts for the availability of Russian gasoline below commerce regulation. This measure will permit them to bypass a doable veto from Hungary and Slovakia. If handed, firms can be banned from getting into into new contracts for the availability of Russian gasoline, efficient instantly. Quick-term contracts for the import of pipeline and liquefied gasoline from Russia are set to run out by 2026, whereas long-term contracts will stay in impact till the tip of 2027. Exceptions might be proposed for Hungary and Slovakia, which import Russian gasoline.