Free Trial

Von Der Leyen-We Are Establishing Legal Foundation For Russia Oil Price Cap

EU

Speaking at a presser alongside High Rep for Foreign Affairs and Security Policy Josep Borrell, European Commission President Ursula von der Leyen states that the Commission is 'establishing a legal foundation for a Russia oil price cap'.

  • VdL states new sanctions: "1) New listing of individuals and entities. 2) Further restriction of trade: • New import bans on Russian products... • More products that cannot be exported to Russia, in particular key technologies needed for its war machine...: • Additional bans on providing European services.... 3) A legal basis for an oil price cap. Some developing countries still need some Russian oil supplies, at low-prices. This cap will help reduce Russia’s revenues and keep global energy markets stable."
  • EU talk of oil price cap comes following major US pressure. Earlier today Deputy Secretary of the Treasury Wally Adeyemo stated a price cap was 'critical'.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.