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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'.
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