Russia's Dmitriev Says Europe Needs Russia to Survive
The bloc is considering keeping the cap at $44.10 a barrel as sanctions officials weigh new limits on tankers, banks and traders.
- The European Union is weighing a temporary freeze on its Russian oil price cap as the Iran war and effective closure of the Strait of Hormuz send shockwaves through global energy markets.
- Last year, the bloc adopted a dynamic mechanism to automatically set the cap every six months at 15% lower than the average market rate for Russian Urals crude.
- Options under consideration include suspending automatic increases until year-end or capping any rise at $60, as the next July review could otherwise push the threshold to at least $65.
- This proposal forms part of the European Union's 21st sanctions package since Russia's 2022 invasion, which also targets about 20 additional tankers and imposes export controls on firms in China, India, Turkey, and Central Asia.
- Separately, the European Union maintains $245 billion in immobilized Russian central bank assets held through Euroclear, intending to keep them frozen until the war ends and Russia pays reparations to Ukraine.
25 Articles
25 Articles
Europe weighs freezing Russia’s oil price cap as the Iran war threatens to loosen it
The European Union may freeze its cap on Russian oil prices rather than let an automatic formula loosen it, Bloomberg reported. The step would anchor the bloc's 21st sanctions package, aimed at draining Moscow's energy income and cutting its access to war supplies. Driving the rethink is a problem Brussels never designed the system for: a war in the Middle East. Despite multiple rounds of Western sanctions against Russian gas and oil, energy sal…
The European Union is considering temporarily maintaining the current price cap for Russian oil ($44.10 per barrel) rather than automatically applying the planned revision for this summer. The main reason is the sharp rise in oil prices caused by the war in the Middle East and tensions related to Iran and the Strait of Ormuz, according to well-known sources of the situation. The current mechanism requires that the limit be revised every six mont…
Oil prices are soaring, forcing Europe to act. What clever move is Brussels considering to maintain pressure on Russia? The war in the Middle East is forcing the European Union to reconsider its approach to restrictions on Russian oil. Brussels is discussing several scenarios for changing the current sanctions mechanism, RBC-Ukraine reports, citing Bloomberg. Read also: Sanctions have driven Russia into a new wave of technology theft, according …
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