President Trump reportedly called on the European Union to impose 100% tariffs on China and India if it wanted the United States to step up its own sanction pressure on Russia, as Brussels discusses its 19th package of sanctions against Moscow.
When the European Commission started briefing EU states last month on the next sanctions package expected to be imposed on Russia, the 27 member nations expected concrete written proposals to follow. They’re still waiting.
Normally these sorts of documents — in this case the potential 18th round of restrictive measures since the Kremlin’s full-scale invasion of Ukraine was launched more three years ago — are provided only a few days after the briefings, or “confessionals” as they are known in Brussels.
The UK urged its Group of Seven allies to agree a cut to the price cap on Russian oil, saying the move is necessary to put further pressure on President Vladimir Putin to end Russia’s war in Ukraine.
The outgoing Biden administration in December then sought to ratchet sanctions on Russian oil, including sanctions on Surgutneftgas and Gazprom Neft, two Russian oil firms which together account for 25% of exports. Middlemen who supply Russian oil have also been targeted.
The Group of Seven is considering collectively tightening an oil price cap on Russian petroleum in an effort to cut Moscow’s oil revenues as the war in Ukraine rages on, Bloomberg has revealed. A draft statement seen by Bloomberg shows that these nations could task their finance ministers to collectively redraw the price limit–currently set at $60 a barrel for Russian crude.
Russia is set to generate higher revenues from oil exports this year despite the price cap imposed on the country by the G7 and EU in response to the country’s invasion of Ukraine.
U.S. House Speaker Kevin McCarthy has revealed he plans to promote U.S. natural gas exports at an upcoming G7 meeting. McCarthy will frame his agenda in the context of Europe buying more U.S. gas as a way for the continent to wean itself off Russian gas following its war in Ukraine.
The G7 group of wealthy countries has committed to a faster phase-out of unabated fossil fuels. The move has been welcomed as a potential step towards a global deal for all countries to do the same, but the G7 members are facing criticism for not matching the pledge with firm action.