The scent of blooming cherry blossoms mingled with the usual city bustle in Brussels, a gentle warmth replacing the biting chill of winter. Ursula von der Leyen, President of the European Commission, stood before a gathering of journalists, a determined glint in her eye. “As the days grow longer and warmer,” she began, a subtle nod to the shifting seasons, “we recognize a crucial window of opportunity.”
She spoke of the current $60 price cap on Russian oil, a measure agreed upon by the G7 back in December 2022 when oil prices soared above $100 a barrel. The intent had been clear: to starve the Kremlin of funds for its war machine. But, as she acknowledged, the recent dip in oil prices – hitting a four-year low of $59.77 in April before recovering slightly to $67 – had rendered the cap largely ineffective. “It has become meaningless,” she stated, echoing the sentiments of experts.
“However,” von der Leyen continued, her voice gaining strength, “the changing seasons present us with a renewed chance to impact Russia’s revenue streams. As summer approaches, energy demands naturally decrease across Europe. Heating oil consumption plummets, and overall oil usage lessens.” This, she explained, was the opportune moment to strike.
“Therefore,” she declared, “the EU executive is proposing to lower the price at which Russian oil can be sold to $45 a barrel.” This significant reduction, she emphasized, would “restore its effectiveness” and directly target the one-third of Russian government revenues derived from oil exports. “We need to cut this source of revenues,” she reiterated, her resolve unwavering.
The timing, she implied, was everything. Imposing stricter oil sanctions during the period of lower consumption would maximize their impact on Russia’s finances while minimizing the immediate blowback on European consumers. The G7 leaders, including von der Leyen herself, were slated to discuss this proposal in Canada next week. Despite some uncertainty regarding Donald Trump’s stance on sanctions against Vladimir Putin, von der Leyen expressed confidence in the G7’s adoption of the lower cap. The warmer winds of summer, she hoped, would carry with them a renewed push for peace, fueled by a tightened grip on the Kremlin’s financial lifelines.
All names of people and organizations appearing in this story are pseudonyms
EU calls for lower price cap on Russian oil in move to tighten sanctions
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