Reducing Russian oil ceiling price is no longer a priority
Reducing the ceiling of the sale price of the Russian oil barrel, at one point in mind, is no longer a priority due to the increase in oil prices, said the President of the European Commission (EC) on Tuesday, Ursula von Der Leyen, in the margin of the G7 summit in Canada, AFP reports.
What he had taken into account so far to include lowering the ceiling from $ 60 to $ 45 in his next ‘package’ of sanctions, in order to further reduce Russia’s ability to finance his war in Ukraine.
If the current ceiling has had a reduced effect ‘so far due to the lowering of oil prices,’ increasing the prices observed in recent days makes it completely relevant ‘the limit of $ 60, told the press Ursula von der Leyen.
« Therefore, there is no immediate pressure to reduce the existing ceiling more, » she added.
This ceiling was an initiative of G7, at the end of 2022, aimed at reducing financial flows to Russia by creating conditions to prevent maritime and insurance companies, mainly Western, to do business with Russia over this price on the barrel.
According to the head of European diplomacy, Kaja Kallas, the $ 60 threshold has reduced the Russia’s revenues in oil, essential for the financing of his war against Ukraine.
However, Russia has created a ‘ghost’ fleet of oil to bypass this prohibition, estimated at over 500 ships, which the EU has already targeted.
What he hoped to convince Donald Trump to accept the reduction of this ceiling to $ 45, but the war between Israel and Iran pushed the problem on the background, and the US president suddenly left the summit.
The EU also envisages the addition of 22 more Russian banks on its list of financial institutions without access to international capital markets through the SWIFT system. He also wants to add other companies, including China, on the black list of those who help the Russian army bypass existing sanctions.
For his part, Trump does not want to impose new sanctions to Russia, despite the lack of a commitment from Vladimir Putin in favor of an armistice with Ukraine.
However, ‘the fact that we have a new pack of tightened sanctions against Russia is a proof of Europe with Ukraine, Ursula von der Leyen insisted.
