EU abandons proposal to lower price cap on Russian oil

The European Union has postponed a proposal to lower the price cap on Russian oil exports from $60 to $45 per barrel. Concerns arose that the U.S. would not support stricter sanctions due to rising crude prices, exacerbated by tensions following Israel's attack on Iran.

Several EU nations believe a lower cap requires U.S. backing, which appears unlikely after a recent G7 summit.

President Trump noted that sanctions "cost us a lot of money." The EU's upcoming package still includes a ban on the Nord Stream pipelines and additional SWIFT sanctions.

President von der Leyen stated, “At the moment, there’s little pressure on lowering the oil price cap.”