EU foreign policy chief says EU can lower price cap on Russian oil without US involvement

Even if the United States does not agree to a further reduction in the price cap on Russian oil, the European Union can implement it independently due to its control over the Black and Baltic seas, says Kaja Kallas, High Representative of the European Union for Foreign Affairs and Security Policy.

Source: Kallas at the Brussels Forum on 11 June, as reported by European Pravda 

Details: Kallas believes the European Union can lower the price cap on Russian oil without the participation of the United States, and this would affect the Russian economy.

Quote: "Of course it is important that the United States also is together with us. And we have been operating together for quite some time. The oil price cap was also [first supported – ed.] in G7, and then the European Union agreed later."

Details: She emphasised that it is "equally important for us what we do alone, because we alone are also a player".

Kallas noted that Russian oil mainly reaches Europe via the Baltic and Black seas.

"So actually, even if the Americans are not on board we can still do it [lower the price cap on Russian oil – ed.] and have an impact," she concluded.

Background:

• The draft of the EU’s 18th package of sanctions against Russia includes a proposal to reduce the price cap on Russian oil from 60 to 45 dollars per barrel.
• European Commission President Ursula von der Leyen stressed that the decision to lower the oil price cap must be taken jointly with G7 partners and will be discussed at the upcoming G7 summit in Canada on 15-17 June.
• President Volodymyr Zelenskyy confirmed that he had been invited to the upcoming G7 summit.
• Ukraine called on the European Union to lower the price cap on Russian oil to 30 dollars per barrel.

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