**US Blocks EU and UK Push to Cut Russian Oil Price Cap**
The United States is standing firm against European efforts to lower the G7 price cap on Russian oil. The EU and UK want to cut the cap from $60 to $45 per barrel, but the US is refusing to budge.
According to sources, the final decision on whether to change the cap rests with President Donald Trump. However, there has been no indication of flexibility from Washington since the G7 finance ministers’ meeting earlier this year.
The push to reduce the cap is part of a new sanctions package against Russia. The measure aims to limit Russia’s ability to fund its ongoing invasion of Ukraine by cutting deeper into its oil profits. Most Russian oil shipments pass near European waters, so even if the US doesn’t go along, the EU and UK could still take unilateral action.
However, officials acknowledge that a coordinated G7 effort involving the US would be much more effective in pressuring Russia. The current $60 per barrel cap was introduced by the G-7 as part of broader sanctions to curb Russian revenue while maintaining global supply.
**Impact on Global Oil Prices**
Oil prices have been volatile lately, with prices surging after Israeli strikes on Iran. The conflict has had a ripple effect on global markets, and any changes to the oil price cap could further impact prices.
**What’s Next?**
The decision on whether to lower the G7 price cap is crucial in determining how much pressure Russia feels from the West. If the US continues to block the move, the EU and UK may consider taking unilateral action to cut the cap.
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