10.03.2026 18:15
The European Union emphasized the importance of limiting Russia's oil revenues by stating that the G7 price cap on Russian oil should continue to be applied to the United States.
The European Union (EU) called on the United States to continue applying the G7 price cap on Russian oil. Valdis Dombrovskis, the EU Commissioner for Economy, made statements following a meeting of finance ministers from EU member countries held in Brussels.
"WE ARE MONITORING CLOSELY"
Dombrovskis stated, "We are closely monitoring the impact of developments in the Middle East on Ukraine and Russia's oil and gas revenues," explaining that they need to continue applying maximum pressure on Russia.
CALL FOR A PRICE CAP TO THE US
Dombrovskis said, "The current increase in oil and gas prices could provide unexpected revenues for Russia. Therefore, it is very important to strictly implement the G7 price cap to limit Russia's revenues and, if necessary, to move to a complete ban on maritime services."
Recalling that Russia supports Iran's war efforts, Dombrovskis noted, "We also assessed the impact of the G7 price cap on Russia's oil deliveries and see that it has not led to significant changes in Russia's export volumes, thus not disrupting the market."
"WE NEED TO SEE THE IMPACT WILL BE SIGNIFICANT"
Dombrovskis stated, "The situation continues to be extremely unstable. Today, oil prices are about 40% higher compared to the situation before the escalation of tensions in Iran, and gas prices are approximately 90% higher than the TTF reference price. I reported these figures to the finance ministers."
Pointing out that prices are fluctuating violently, Dombrovskis said, "We need to see how long this situation will last and how significant the impact will be."
TRUMP ANNOUNCED THE LIFTING OF SANCTIONS
US President Donald Trump announced yesterday that some sanctions related to oil have been lifted to curb rising energy prices amid increasing tensions in the Middle East.
Trump stated, "We are also lifting some sanctions related to oil to lower prices. We will lift the sanctions until the (Hormuz) Strait opens. Then who knows, maybe we won't need to impose sanctions."
THE PRICE CAP HAD FALLEN TO 47.6 DOLLARS
The G7 and EU countries' decisions on an import ban on oil transported from Russia by sea and a price cap of 60 dollars per barrel came into effect on December 5, 2022.
In this context, if Russian oil is sold to third countries at a price higher than the set price, companies in the G7 and EU countries cannot provide various services such as transportation, insurance, and brokerage for this oil. To provide these services, Russian oil must be traded below the price cap.
The price cap limit was reduced to 47.6 dollars in July 2025.