**EU Considers Tougher Russian Oil Price Cap as Sanctions Package Hits Snags**
The European Union is taking another step towards imposing tougher sanctions on Russia, this time targeting the country’s oil industry. According to Bloomberg, the EU is considering a new price cap for Russian oil that would be set 15% below market rates.
The proposed cap would lower the threshold from $60 per barrel to just $50, a move aimed at increasing pressure on Russia’s economy. However, Slovakia, one of the bloc’s member states, has been blocking the sanctions package due to its close ties with Moscow.
**Slovakia Stands in the Way**
Slovakia’s opposition to the 18th EU sanctions package is causing a major hurdle for the bloc’s efforts to impose tougher measures on Russia. The country’s foreign minister, Margus Tsakhna, has previously stated that Estonia may veto the package if the oil price cap is not lowered.
The situation highlights the complexities of EU decision-making and the challenges faced by the bloc in imposing unified sanctions on Russia. Mediterranean members such as Cyprus, Greece, and Malta have expressed concerns about a tougher Russian oil price cap but are open to the proposal.
**U.S. Support Crucial**
Support from U.S. President Donald Trump would make a significant difference in securing approval for the new oil price cap. The countries have softened their stance on imposing a new cap without support from the U.S. or the Group of Seven (G7).
The EU’s executive branch is reportedly prepared to offer Slovakia assurances in exchange for its support for the 18th sanctions package.
**EU Ambassadors Fail to Approve Sanctions Package**
EU ambassadors failed to approve the 18th sanctions package during a recent Committee of Permanent Representatives meeting due to opposition from Slovakia. Unlike Hungary, which has consistently opposed sanctions and military aid for Ukraine, Slovakia has not previously blocked new EU measures.
The situation remains fluid as negotiations continue among member states regarding changes to the oil price cap.
**Pressure Mounting on Russia**
The EU’s executive branch is preparing to introduce the “toughest sanctions… imposed (on Russia) in the last three years” in coordination with U.S. senators. French Foreign Minister Jean-Noel Barrot stated this during a recent television interview.
As tensions between Russia and the West continue to escalate, the pressure on Moscow is mounting. The imposition of a tougher Russian oil price cap would be a significant step towards increasing that pressure.
Read More @ kyivindependent.com
