EU proposes lowering Russia oil price cap in new sanctions ...Middle East

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The move comes ahead of a G7 summit in Canada next week where allies will push US President Donald Trump to be more aggressive in punishing the Kremlin.

“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 cap is a G7 initiative aimed at limiting the amount of money Russia makes by exporting oil to countries across the world.

To have most impact the EU and other G7 partners need to get the United States to follow suit and agree to the cut in the level.

“My assumption is that we do that together as G7,“ von der Leyen said. “We have started that as G7, it was successful as a measure from the G7, and I want to continue this measure as G7.”

“Russia lies about its desire for peace. Putin is taking the world for a ride. Together with the United States, we can really force Putin to negotiate seriously,“ EU foreign policy chief Kaja Kallas said.

Officials said they would also look to target some 70 more vessels in the “shadow fleet” of ageing tankers used by Russia to circumvent oil export curbs.

One EU diplomat described the latest proposals as “one of the most substantive and significant packages we’ve discussed recently”.

The sanctions will need to be agreed by all 27 EU countries, and could face opposition from Moscow-friendly countries Hungary and Slovakia.

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