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G7 Nations Push to Tighten Russian Oil Price Cap Despite US Uncertainty
- G7 nations are pushing to tighten the Russian oil price cap, currently set at $60 per barrel, amid ongoing conflict in Ukraine as of June 2025.
- This move follows declining global oil prices and stalled peace talks, while uncertainty remains due to US resistance and Trump’s role in final decisions.
- European and Canadian leaders, backed by figures like Sir Keir Starmer and Lindsey Graham, advocate lowering the cap to $45 or possibly $30 to strain Russian revenues.
- Ukrainian President Zelensky emphasized the importance of sanctions and noted the final decision rests in the White House, while officials warned appeasement with Russia fails to deter aggression.
- The tightening effort aims to reduce funds fueling Putin’s war machine, with sanctions already lowering Russian oil profits nearly 50% and further measures planned despite political divisions.
101 Articles
101 Articles
ABC FOX Montana
EU chief says pressure off for lower Russia oil price cap
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.
The EU Commission's move to lower the maximum price of Russian crude oil from 60 to 45 dollars is fueled by geopolitics.
US resists EU and UK push to cut Russian oil price cap at G7 summit
The US is resisting calls from European governments to reduce the G7 price cap on Russian oil from $60 to $45 per barrel, frustrating efforts by the EU and UK to increase financial pressure on Moscow as leaders meet for a G7 in Canada.
G7 Mulls Further Price Caps on Russian Oil Despite Strategy’s Checkered Results
The European Commission (EC) this week proposed an 18th sanctions package against Russia targeting the country’s energy, banking, and military-industrial sectors. With the aim of driving down Russian oil revenue, the proposed sanctions package also calls for a further reduction of the G7’s price cap on Russian oil from $60 to $45 per barrel. The G7 group of nations comprises the United States, Britain, Canada, France, Germany, Italy, and Japan. …
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