The European Commission, the EU’s executive arm, had suggested cutting the current oil price cap from $60 to $45 as Moscow drags its feet on a ceasefire in Ukraine.
The EU had said it would make its case at the G7 summit being held at a wooded resort in Alberta, Canada, but the gathering was overshadowed by the conflict between Israel and Iran that sent US President Donald Trump home early to handle the crisis.
“So for the moment, there’s little pressure on lowering the oil price cap,“ she added.
It was designed to limit the price Moscow can get for oil by banning shipping firms and insurance companies from dealing with Russia to export above that amount.
To have the most impact, the EU and other G7 partners need to get the United States to follow suit and agree to the price cut.
Von der Leyen said the G7 leaders, with Trump still present, on Monday discussed coordinating on sanctions against Russia “to put more pressure” on Russian President Vladimir Putin.
“The fact that we have just put another hardened, biting package of sanctions on Russia is proof” of the EU’s continued support for Ukraine, von der Leyen said.
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