EU warns US sanctions ease boosting Russia and Iran
Photo: European Commission Vice-President Valdis Dombrovskis (Getty Images)
The European Commission has called on the US to strictly adhere to the price cap on Russian oil. This is necessary to limit the Kremlin's revenues, which are used to finance the war against Ukraine, according to European Commission Vice-President Valdis Dombrovskis.
According to Dombrovskis, any easing of restrictions is counterproductive, as it strengthens Russia's ability to wage war. He stresses that ignoring price limits undermines not only support for Ukraine, but also the efforts of the US and Israel to contain Iran, which Russia also supports.
Oil market situation
The appeal came amid rising oil prices to $119 per barrel, the highest level in four years. Fears of reduced production in the Persian Gulf and export disruptions caused the jump.
To stabilize the market, G7 Finance Ministers announced their readiness to release oil from strategic reserves if necessary.
Oil prices and sanctions against Russia
The sharp rise in oil prices on the world market caused by the war in Iran is due to two key factors: Tehran's blockade of the Strait of Hormuz for security reasons in the region and the inability of Persian Gulf countries to export due to their involvement in the conflict.
According to analysts, this situation could be beneficial for Russia, which has significant export resources. Currently, due to sanctions, Moscow supplies oil only to a limited number of countries, including China, India, Hungary, and Slovakia, losing access to wider markets.
Earlier, Reuters reported, citing sources, that the US government was considering easing oil sanctions against Russia as a tool to combat fuel shortages in the global market.
Later, US President Donald Trump said that some of the oil sanctions against Russia could be lifted permanently.
