On Tuesday, June 10th, the European Union proposed to slash the global oil price cap on Russian exports as part of the newest round of sanctions aimed at increasing pressure on Moscow over its ongoing war in Ukraine.
The move comes ahead of next week’s G7 summit in Canada, where Western allies are expected to push U.S. President Donald Trump to take a firmer stance against the Kremlin.
“We are ramping up pressure on Russia, because strength is the only language that Russia will understand,” said European Commission President Ursula von der Leyen. “Our message is very clear, this war must end. We need a real ceasefire, and Russia has to come to the negotiating table with a serious proposal.”
The European Commission has proposed reducing the current oil price cap from $60 to $45. Originally set by the G7 in 2022, the cap aims to limit how much revenue Russia earns from oil exports by banning shipping and insurance services for any sales above the agreed threshold.
European leaders had previously threatened Moscow with “massive” sanctions if it continued to stall on a ceasefire.
