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Miami Herald
a day ago
- Business
- Miami Herald
Europe Can Bypass Trump to Hit Putin's Oil Empire: Kallas
The European Union may not need the Trump administration's support for its proposal to lower a price cap on Russian oil, the bloc's foreign policy chief has said. The comments by EU High Representative Kaja Kallas followed Brussels' latest sanctions package that included proposing to lower a G7-imposed price cap on seaborne Russian oil from $60 to $45, to curb funding for Vladimir Putin's military machine. Putin's spokesman Dmitry Peskov said lowering this price cap would not help stabilize global energy markets. Newsweek has contacted the White House for comment. To cut export revenues for Moscow, the European Commission on Tuesday proposed to lower the G7-imposed price cap on Russian seaborne crude oil from $60 a barrel to $45. This was among the EU's latest sanctions proposals to force Putin to the negotiating table to end the war he started in Ukraine, a package that needs the backing of all 27 bloc members. EU Commission president Ursula von der Leyen said changing the cap would be discussed when the G7 meets in Alberta, Canada next week but Kallas' comments suggest the EU could proceed with the measure, regardless of the U.S. On Tuesday, the EU Commission announced its 18th package of sanctions on Russia to force it to the negotiating table and curb Putin's war machine. Kallas said the package would sanction firms linked to the Nord Stream gas pipelines between Russia and Germany that have been nonoperational since 2022 following suspected sabotage attacks. The package also targets Russian businesses and banking. The EU Commission suggested any change to the oil price cap would require the backing of the G7 members as the EU also seeks to clamp down on Russia's sanctions-busting "shadow fleet" of vessels transporting the product. However, Kallas told the Brussels Forum on Wednesday that most Russian oil goes via the Baltic and Black Seas. This meant that while U.S. backing was important, if it was not forthcoming, "we can still do it and have an impact." Russia's "shadow fleet" of often older vessels with less reliable insurance, has made the $60 price cap difficult to enforce. The cap also came into force in February 2023 when oil prices were much higher, which Kallas referred to when she said the agreement was intended to be 5 percent below the market price. Kimberly Donovan from the Atlantic Council's Geoeconomics Center, said reducing the price cap to $45 is an acknowledgment that oil prices have dropped considerably and reflects a commitment to restrict Russia's ability to generate revenue. Ivan Hortal Sanchez, European Union Campaigner at Razom We Stand, a Ukrainian campaign group, told Newsweek that the EU, ideally in full alignment with the U.S. and G7, must strictly enforce the price cap and closely coordinate to sanction more vessels. He also said there should be further listings of Russian shadow fleet tankers adding that without massive oil revenues, the Kremlin will not be able to sustain its aggression against Ukraine. EU High Representative Kaja Kallas on lowering the price cap on Russian oil: "The oil going through the channels, it's mostly Europe, it's via the Baltic Sea, it's via the Black Sea. So even if the Americans are not on board, we can still do it." Kremlin spokesman Dmitry Peskov: "Such actions do not contribute to the stabilization of international energy markets and the oil market." Ivan Hortal Sanchez, European Union Campaigner at Razom We Stand: "The EU, ideally in full alignment with the USA and G7, must strictly enforce the price cap and closely coordinate to sanction more vessels." Kimberly Donovan, director of the Economic Statecraft Initiative Atlantic Council's Geoeconomics Center: "Russia still relies on revenue from oil exports, so lowering the price cap could negatively affect how much money they can bring in." "Of course, it is important the United States... is together with us, and we have been operating together for quite some time," she said, "but it is also equally important for us what we do alone, because we alone are also a player." The G7 summit will take place in Alberta, Canada from Sunday where the oil price cap and other aspects of the war in Ukraine will be discussed. Meanwhile, Brussels seems optimistic that its eighteenth sanctions package will pass although it requires the backing of all 27 EU members, and the leaders of Slovakia and Hungary have suggested they would block any further measures against Russia. Related Articles Russian War Losses Pass Grim 1-Million MilestoneEurope Delivers 'Final Nail' Into Putin Gas Empire's CoffinMette Frederiksen: Denmark's PM on Trump, Russia and Greenland's FutureMap Shows Russia's Plan to Seize Half of Ukraine 2025 NEWSWEEK DIGITAL LLC.
Newsweek
2 days ago
- Business
- Newsweek
Europe Can Bypass Trump to Hit Putin's Oil Empire: Kallas
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. The European Union may not need the Trump administration's support for its proposal to lower a price cap on Russian oil, the bloc's foreign policy chief has said. The comments by EU High Representative Kaja Kallas followed Brussels' latest sanctions package that included proposing to lower a G7-imposed price cap on seaborne Russian oil from $60 to $45, to curb funding for Vladimir Putin's military machine. Putin's spokesman Dmitry Peskov said lowering this price cap would not help stabilize global energy markets. Newsweek has contacted the White House for comment. This image from January 7, 2025 shows the oil tanker Eagle S which, thought to be part of Russia's "shadow fleet" anchored near the Kilpilahti port in Porvoo, on the Gulf of Finland. This image from January 7, 2025 shows the oil tanker Eagle S which, thought to be part of Russia's "shadow fleet" anchored near the Kilpilahti port in Porvoo, on the Gulf of Finland. ANTTI AIMO-KOIVISTO/Getty Images Why It Matters To cut export revenues for Moscow, the European Commission on Tuesday proposed to lower the G7-imposed price cap on Russian seaborne crude oil from $60 a barrel to $45. This was among the EU's latest sanctions proposals to force Putin to the negotiating table to end the war he started in Ukraine, a package that needs the backing of all 27 bloc members. EU Commission president Ursula von der Leyen said changing the cap would be discussed when the G7 meets in Alberta, Canada next week but Kallas' comments suggest the EU could proceed with the measure, regardless of the U.S. What To Know On Tuesday, the EU Commission announced its 18th package of sanctions on Russia to force it to the negotiating table and curb Putin's war machine. Kallas said the package would sanction firms linked to the Nord Stream gas pipelines between Russia and Germany that have been nonoperational since 2022 following suspected sabotage attacks. The package also targets Russian businesses and banking. The EU Commission suggested any change to the oil price cap would require the backing of the G7 members as the EU also seeks to clamp down on Russia's sanctions-busting "shadow fleet" of vessels transporting the product. However, Kallas told the Brussels Forum on Wednesday that most Russian oil goes via the Baltic and Black Seas. This meant that while U.S. backing was important, if it was not forthcoming, "we can still do it and have an impact." Russia's "shadow fleet" of often older vessels with less reliable insurance, has made the $60 price cap difficult to enforce. The cap also came into force in February 2023 when oil prices were much higher, which Kallas referred to when she said the agreement was intended to be 5 percent below the market price. Kimberly Donovan from the Atlantic Council's Geoeconomics Center, said reducing the price cap to $45 is an acknowledgment that oil prices have dropped considerably and reflects a commitment to restrict Russia's ability to generate revenue. Ivan Hortal Sanchez, European Union Campaigner at Razom We Stand, a Ukrainian campaign group, told Newsweek that the EU, ideally in full alignment with the U.S. and G7, must strictly enforce the price cap and closely coordinate to sanction more vessels. He also said there should be further listings of Russian shadow fleet tankers adding that without massive oil revenues, the Kremlin will not be able to sustain its aggression against Ukraine. What People Are Saying EU High Representative Kaja Kallas on lowering the price cap on Russian oil: "The oil going through the channels, it's mostly Europe, it's via the Baltic Sea, it's via the Black Sea. So even if the Americans are not on board, we can still do it." Kremlin spokesman Dmitry Peskov: "Such actions do not contribute to the stabilization of international energy markets and the oil market." Ivan Hortal Sanchez, European Union Campaigner at Razom We Stand: "The EU, ideally in full alignment with the USA and G7, must strictly enforce the price cap and closely coordinate to sanction more vessels." Kimberly Donovan, director of the Economic Statecraft Initiative Atlantic Council's Geoeconomics Center: "Russia still relies on revenue from oil exports, so lowering the price cap could negatively affect how much money they can bring in." "Of course, it is important the United States... is together with us, and we have been operating together for quite some time," she said, "but it is also equally important for us what we do alone, because we alone are also a player." What Happens Next The G7 summit will take place in Alberta, Canada from Sunday where the oil price cap and other aspects of the war in Ukraine will be discussed. Meanwhile, Brussels seems optimistic that its eighteenth sanctions package will pass although it requires the backing of all 27 EU members, and the leaders of Slovakia and Hungary have suggested they would block any further measures against Russia.
Yahoo
2 days ago
- Business
- Yahoo
EU could impose Russian oil price cap without US support, Kallas says
The European Union can impose an additional price cap on Russian oil without U.S. support, EU High Representative Kaja Kallas said at the Brussels Forum on June 11. "If you think about the oil going through the channels, it's mostly Europe, it's via the Baltic Sea, it's via the Black Sea. So even if the Americans are not on board, we can still do it and have an impact," Kallas said. The EU's 17th package of sanctions against Russia came into effect on May 20. The bloc is already working on its next wave of sanctions. The 18th EU sanctions package will include additional restrictions on energy, banking, oil, and other areas, European Commission President Ursula von der Leyen announced on June 10. "What the intelligence tells is that, now the sanctions will (harder hit) the supply chains of Russia needed to really fund this war," Kallas said. "Of course, it is important the United States... is together with us, and we have been operating together for quite some time," she said. Kallas noted the Group of Seven (G7) oil price cap was previously agreed upon to be 5% below the market price. "It is important, of course, what we do together, but it is also equally important for us what we do alone, because we alone are also a player," Kallas said. Kallas noted the EU is still an ally to the U.S., but recognized the dynamic between the two powers is changing. "We still value the relationship... I think with the Americans we are not growing apart, but growing up in our relationships," Kallas said. The upcoming G7 summit will take place in Alberta, Canada. A wide range of topics, including Russia's war against Ukraine, are expected to be discussed at the annual event. President Volodymyr Zelensky previously confirmed he would be attending the G7 summit after receiving an invitation from Canadian Prime Minister Mark Carney. Read also: 'Ukrainians have been stripped of illusion of control' — Filmmaker Kateryna Gornostai on Russia's war, cinema and reclaiming the narrative We've been working hard to bring you independent, locally-sourced news from Ukraine. Consider supporting the Kyiv Independent.
Yahoo
2 days ago
- Business
- Yahoo
EU foreign policy chief says EU can lower price cap on Russian oil without US involvement
Even if the United States does not agree to a further reduction in the price cap on Russian oil, the European Union can implement it independently due to its control over the Black and Baltic seas, says Kaja Kallas, High Representative of the European Union for Foreign Affairs and Security Policy. Source: Kallas at the Brussels Forum on 11 June, as reported by European Pravda Details: Kallas believes the European Union can lower the price cap on Russian oil without the participation of the United States, and this would affect the Russian economy. Quote: "Of course it is important that the United States also is together with us. And we have been operating together for quite some time. The oil price cap was also [first supported – ed.] in G7, and then the European Union agreed later." Details: She emphasised that it is "equally important for us what we do alone, because we alone are also a player". Kallas noted that Russian oil mainly reaches Europe via the Baltic and Black seas. "So actually, even if the Americans are not on board we can still do it [lower the price cap on Russian oil – ed.] and have an impact," she concluded. Background: The draft of the EU's 18th package of sanctions against Russia includes a proposal to reduce the price cap on Russian oil from 60 to 45 dollars per barrel. European Commission President Ursula von der Leyen stressed that the decision to lower the oil price cap must be taken jointly with G7 partners and will be discussed at the upcoming G7 summit in Canada on 15-17 June. President Volodymyr Zelenskyy confirmed that he had been invited to the upcoming G7 summit. Ukraine called on the European Union to lower the price cap on Russian oil to 30 dollars per barrel. Support Ukrainska Pravda on Patreon!
