EU Proposes Oil Price Cap, Nord Stream Ban to Hit Russia
Get caught up.
Communal workers clean debris next to a damaged residential building following a drone attack in Odesa on June 10, 2025, amid the Russian invasion in Ukraine. (Photo by Oleksandr GIMANOV / AFP) (Photo by OLEKSANDR GIMANOV/AFP via Getty Images)
Photographer: OLEKSANDR GIMANOV/AFPThe European Union proposed banning the Nord Stream pipelines and cutting the Group of Seven oil price cap to $45 as part of a new sanctions package that aims to increase pressure on Moscow to end its war against Ukraine.
Lowering the oil price cap will require backing from the US. The price threshold, which bans G-7 service providers from transporting and dealing with crude sold above the cap, is currently set at $60. G-7 leaders will meet in Canada later this month.