The European Commission on Tuesday urged the United States to strictly enforce the Group of Seven price cap on Russian oil, warning that easing sanctions could undermine efforts to curb Moscow’s war revenues.
The appeal follows Washington’s decision on Monday to waive certain oil-related sanctions to help stabilize global supply and ease rising fuel costs.
Global oil markets have been under pressure, with prices climbing to about $119 per barrel the highest level in nearly four years amid fears of reduced output from the Gulf and disruptions to tanker exports.
The surge has intensified concerns among Western governments about the impact of supply shocks on the global economy.
Speaking at a news conference, European Economic Commissioner Valdis Dombrovskis said strict enforcement of the price cap remains critical to limiting Russia’s ability to finance its military campaign in Ukraine.
He warned that weakening the restrictions could strengthen Moscow’s capacity to continue the war and undermine Western support for Kyiv.
Dombrovskis also linked the policy to broader geopolitical tensions, noting that Russia’s support for Iran makes maintaining pressure on Moscow even more important as the United States and its allies seek to manage the expanding Middle East crisis.
Meanwhile, G7 finance ministers signaled they were prepared to release crude from strategic reserves if needed to help cool global energy prices.