**US Stands Firm Against Lowering Price Cap on Russian Oil**
The United States is sticking to its guns against a proposal by other Group of Seven (G7) nations to lower the price cap on Russian oil. The G7, which includes Canada, France, Germany, Italy, Japan, the UK, and the US, had initially agreed to set the cap at $60 per barrel in December 2022 as part of an effort to limit Russia’s ability to finance its war against Ukraine.
According to a Bloomberg report on June 13, the US remains opposed to reducing the cap from $60 to $45 per barrel. This position was first taken by Treasury Secretary Scott Bessent earlier this year when he declined to support a similar proposal. Despite US resistance, European Union and UK leaders, backed by other European G7 countries and Canada, have said they are prepared to move forward with the proposal even without Washington’s endorsement.
The EU and UK could potentially explore lowering the cap without the US, as most of Russia’s oil is transported through European waters. However, a unified G7 agreement would carry greater impact if it could be enforced by the US. The price cap debate has become more urgent as oil prices surged following Israel’s strikes against Iran in recent hours.
**US Stands Firm Amid Rising Oil Prices**
The surge in oil prices has heightened concerns about the effectiveness of the current price cap on Russian oil. As a result, G7 leaders will revisit the discussion during their upcoming summit hosted by Canada from June 15-17 in Kananaskis County, Alberta. The summit agenda also includes topics such as support for Ukraine in the Russian war, global economic stability, digital transformation, and climate change.
**Regional Tensions Rise**
The US opposition to lowering the price cap on Russian oil comes amidst rising tensions in the region. Iran launched “hundreds” of ballistic missiles towards Israel late on June 13, Iranian state media reported. The attacks were a response to Israel’s strikes on Iran’s nuclear program. Ukraine expressed concern over the security situation in the Middle East but stressed that Tehran remains a “source of problems” in the region.
**Additional Developments**
In other developments:
* Three Ukrainian nationals were killed in a bus accident in France on June 13, President Volodymyr Zelensky confirmed.
* Ukraine’s domestically developed short-range Sapsan ballistic missile has successfully completed combat testing and is in the process of serial production.
* A Russian SU-25 fighter jet reportedly crashed over Donetsk Oblast on June 13.
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