EU Chief Says Pressure Off For Lower Russia Oil Price Cap
The European Commission, the EU's executive arm, had suggested cutting the current oil price cap from $60 to $45 as Moscow drags its feet on a ceasefire in Ukraine.
The measure would have been a major component of a fresh wave of sanctions against Russia planned by the EU, with hopes that the United States would also commit.
The EU had said it would make its case at the G7 summit being held at a wooded resort in Alberta, Canada, but the gathering was overshadowed by the conflict between Israel and Iran that sent US President Donald Trump home early to handle the crisis.
The current $60 cap "had little effect, but in the last days, we have seen that the oil price has risen [and] the cap in place does serve its function," von der Leyen told reporters on the sidelines of the G7 meeting.
"So for the moment, there's little pressure on lowering the oil price cap," she added.
The existing cap was a G7 initiative aimed at limiting the amount of money Russia makes by exporting oil to countries across the world.
It was designed to limit the price Moscow can get for oil by banning shipping firms and insurance companies from dealing with Russia to export above that amount.
Under the leadership of the previous Biden administration, it was set at $60 by the G7 in late 2022, months after the invasion of Ukraine.
To have the most impact, the EU and other G7 partners need to get the United States to follow suit and agree to the price cut.
But Trump so far has frustrated Western allies by refusing to impose new sanctions on Russia despite President Vladimir Putin's failure to agree to a Ukraine ceasefire.
Von der Leyen said the G7 leaders, with Trump still present, on Monday discussed coordinating on sanctions against Russia "to put more pressure" on Russian President Vladimir Putin.
The EU's latest proposal for an 18th round of sanctions since Russia's invasion also includes measures to stop the defunct Baltic Sea gas pipelines Nord Stream 1 and 2 from being brought back online.
"The fact that we have just put another hardened, biting package of sanctions on Russia is proof" of the EU's continued support for Ukraine, von der Leyen said.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Int'l Business Times
an hour ago
- Int'l Business Times
White House Mocked After Promoting Trump's 'Big, Beautiful Bill' Gets Flagged by Community Notes: 'Lying Again'
The White House's press secretary was mocked online after a tweet promoting President Donald Trump's "one big, beautiful bill" was flagged by X's Community Notes feature designed to help combat misinformation. On Wednesday night ahead of the House's vote on the massive spending and tax bill, Press Secretary Karoline Leavitt declared that any lawmaker who voted against the bill would be voting on key provisions designed to help Americans. "Anyone who votes AGAINST the One Big Beautiful Bill is voting AGAINST: No Tax on Tips. No Tax on Overtime. No Tax on Social Security," she wrote on X. However, Leavitt's post was flagged by Community Notes, who wrote citing the bill itself, "The 'One Big Beautiful Bill' does not fully eliminate taxes on tips, overtime, or Social Security as claimed; it offers limited deductions with caps (e.g., $25,000 for tips, $12,500 for overtime) and excludes high earners, with no provision to remove taxes on Social Security." The White House spokesperson being called out directly under her own post quickly lead to a slew of mockery online, with several users accusing the Trump administration of "lying." "When we need a community note with half a dozen bullet points for the White House Press Secretary, we're in big trouble," one user wrote . Another quipped , "Community notes for the win. Keep trying tho." "You're lying again! @CommunityNotes already called you out! When are you going to fix this?" one user said . Another user mocked , "How's that community note working out for you?" The No Tax on Tips provision of the bill was a push that Trump campaigned on in 2024. Although voters are expected to save some money with that section of the bill, as the Community Note detailed, the bill caps the provision at $25,000. New York Rep. Alexandria Ocasio-Cortez emphasized this while speaking on the House floor Wednesday, who called the part of the bill a "scam," contrasting the savings on tips with the higher estimated taxes for those making less than $50,000. "You do the math," she said. "Is that worth it to you? Losing all your healthcare, not able to feed your babies, not being able to put a diaper on their bottom, in exchange for what?" The House is expected to vote on the "big, beautiful bill" on Thursday after it was sent back after being approved by the Senate with some amendments. If passed, the bill would move on to Trump's desk. Originally published on Latin Times
Int'l Business Times
an hour ago
- Int'l Business Times
Elizabeth Warren Calls for 'Investigation' Into Paramount's Trump Settlement Amid Pending Merger Approval: 'Looks Like Bribery'
Massachusetts Sen. Elizabeth Warren is calling for an investigation into Paramount's $16 million settlement with President Donald Trump as the entertainment giant awaits federal approval for a pending merger. "This looks like bribery in plain sight," Warren wrote in an X post shared Wednesday. "Paramount folded at the same time it needs Trump's approval for a billion-dollar merger." "I'm calling for an investigation into whether any anti-bribery laws were broken, and I'm working on a new bill to rein in this kind of corruption," Warren added. In October 2024, Trump filed a $10 billion lawsuit against CBS News and its parent company, Paramount, alleging defamation over a "60 Minutes" interview with then–presidential nominee and Vice President Kamala Harris, PBS News reported. Trump claimed an interview segment concerning the Middle East was deceptively edited to portray Harris more favorably. In February, he amended the complaint, increasing the demand to $20 billion and adding federal claims of false advertising and unfair competition. On Tuesday, Paramount agreed to a $16 million settlement, according to CBS News, which will be paid out as a contribution to Trump's future presidential library and coverage of the plaintiffs' legal fees and costs. The agreement comes as Paramount Global awaits federal approval for its proposed $8 billion merger with Skydance Media. In recent weeks, lawmakers, regulatory experts and shareholders have raised concerns that Paramount's controlling shareholder, Shari Redstone, and others involved in the settlement could face potential bribery allegations, Deadline reported. Critics have argued the financial settlement was made in exchange for Trump smoothing the path to regulatory approval, mirroring lawsuits and political battles he has waged against Disney and NBCUniversal. Originally published on Latin Times
Int'l Business Times
an hour ago
- Int'l Business Times
Putin Told Trump Will Not 'Give Up' Aims In Ukraine: Kremlin
Russian leader Vladimir Putin told US President Donald Trump by telephone on Thursday that Moscow will not "give up" on its aims in Ukraine, the Kremlin said. The pair spoke as US-led peace talks on ending the more than three-year-old conflict in Ukraine have stalled and after Washington paused some weapons shipments to Kyiv. The Kremlin said the call lasted almost an hour. Trump has been frustrated with both Moscow and Kyiv as US efforts to end fighting have yielded no breakthrough. "Our president said that Russia will achieve the aims it set, that is to say the elimination of the root causes that led to the current state of affairs," Kremlin aide Yuri Ushakov told reporters. "Russia will not give up on these aims." Moscow has long described its maximalist aims in Ukraine as getting rid of the "root causes" of the conflict, demanding that Kyiv give up its NATO ambitions. Moscow's offensive in Ukraine has killed hundreds of thousands of people and Russia now controls large swathes of eastern and southern Ukraine. Even so, Putin told Trump that Moscow would continue to take part in negotiations. "He also spoke of the readiness of the Russian side to continue the negotiation process," Ushakov added. "Vladimir Putin said that we are continuing to look for a political, negotiated solution to the conflict," Ushakov said. Moscow has for months refused to agree to a US-proposed ceasefire in Ukraine. Kyiv and its Western allies have accused Putin of dragging out the process while pushing on with Russia's advance in Ukraine. The Kremlin said that Putin had also "stressed" to Trump that all conflicts in the Middle East should be solved "diplomatically", after the US struck nuclear sites in Russia's ally Iran. Putin and Trump spoke as Kyiv said that Russian strikes on Thursday killed at least eight people in Ukraine. Ukrainian President Volodymyr Zelensky was visiting ally Denmark on Thursday. A senior Ukrainian official told AFP that Trump and Zelensky planned to speak to each other on Friday. The US deciding to pause some weapons shipments has severely hampered Kyiv, which has been reliant on Western military support since Moscow launched its offensive in 2022. Zelensky told EU allies in Denmark that doubts over US military aid reinforced the need for greater cooperation with Brussels and NATO. He stressed again that Kyiv had always supported Trump's "unconditional ceasefire". On Wednesday, Kyiv scrambled to clarify with the US what a White House announcement on pausing some weapons shipments meant. "Continued American support for Ukraine, for our defence, for our people is in our common interest," Zelensky had said on Wednesday. Russia has consistently called for Western countries to stop sending weapons to Kyiv.
