Friday’s Coverage: Zelensky — We Are “Pushing the Occupier Back” in Northeast
Map: Institute for the Study of War
The Trump Administration is opposing tighter sanctions on Russia’s oil exports and revenues for Moscow’s invasion of Ukraine.
Officials say the Administration will not endorse a proposal by European countries to reduce the price cap on Russian oil from $60 to $45 per barrel.
US Treasury Secretary Scott Bessent refused to support the reduction earlier this year. However, the effort regained momentum this month with the European Commission backing the $45 price, taking the proposal to the summit of G7 nations — the US, France, Germany, Italy, Canada, Japan, and the UK — which begins on Sunday in Canada.
The European Union, UK, and Canada say they are prepared to move forward with the proposal, even without the Trump Administration’s backing.
One official noted that the measure could be implemented without the US, as most of Russia’s oil is transported in European waters. However, they say a unified G7 agreement would be more significant if it could be enforced by the Americans.
Ukraine President Volodymyr Zelensky has called for an even greater cut to $30 per barrel.
The price cap was introduced in December 2022, prohibiting Western companies from shipping, insuring, or servicing Russian oil sold above the cap.
Russia has responded with a “shadow fleet” of aging tankers to transport the oil. Earlier this week, the EU toughened its sanctions against the vessels, adding 77 to its blacklist.
