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(Bloomberg) — The European Union shelved a plan for a stricter price cap on Russian oil exports over concerns that the US won’t back tougher sanctions due to rising crude prices.
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The EU has proposed lowering the cap to $45 per barrel from the current $60, but oil’s surge following Israel’s attack on Iran has complicated efforts to find unanimity among the bloc’s 27 members.
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Several EU states argue that a lower oil-price cap can only work if the US supports the measure, according to officials familiar with the discussions, who asked not to be identified. It has become clear following this week’s Group of Seven summit that the US isn’t willing to back tougher Russia sanctions, they added.
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President Donald Trump told reporters at the meeting in Alberta, Canada, that sanctions “cost us a lot of money.”
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The EU package — the bloc’s 18th since Russia invaded Ukraine — is still expected to include a ban on the Nord Stream gas pipelines linking Germany and Russia, as well as an extension of SWIFT sanctions against additional banks. EU foreign ministers will discuss the measures in Brussels on Monday.
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European Commission President Ursula von der Leyen this week appeared to draw back from the EU’s proposal to lower the price cap on Russian oil, which is designed to limit Russian President Vladimir Putin’s ability to fund his war on Ukraine.
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“In the last days, we have seen the price has risen so the oil price cap does serve its function,” von der Leyen said on the sidelines of the G-7, where the proposal was discussed. “At the moment, there’s little pressure on lowering the oil price cap.”
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—With assistance from Jorge Valero, Sanne Wass and Alberto Nardelli.
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