The European Union has decided not to lower the cap on Russian oil from $60 to $45 per barrel without coordinating this step with the G7 countries. This proposal was considered in the draft of the 18th EU sanctions package against the Russian Federation; however, its further consideration directly depends on the joint position of G7 partners.
This is reported by Business • Media
Joint Position with G7 is a Key Condition
European Commission President Ursula von der Leyen emphasized that any decision regarding the price cap on oil from Russia must be made only in close coordination with G7 partners. Discussions on this issue are scheduled to take place during the G7 summit in Canada. If the group of countries does not support such an initiative, the EU will not include the price cap reduction in the new sanctions package.
“This decision must be made jointly with G7 partners and will be discussed at the group’s summit in Canada. If the G7 does not support the price cap reduction, the EU will not include this measure in the 18th package.”
European Commission Proposes to Limit New Contracts for Russian Gas
At the same time, the European Commission plans to impose a ban on entering into new contracts for the supply of Russian gas, based on trade law provisions. This approach will allow circumventing potential blocking of the initiative by certain member states, particularly Hungary and Slovakia. The ban will come into effect immediately after its adoption.
According to the proposal, short-term contracts for the import of pipeline and liquefied natural gas from the Russian Federation should be terminated by 2026, while long-term contracts will remain valid until the end of 2027. Special exceptions are provided for Hungary and Slovakia, which are heavily dependent on Russian gas supplies.