Von der Leyen: Oil price cap could curb Russia’s revenues

European Commission President Ursula von der Leyen said that setting a cap on oil prices would help limit Russia’s revenues. At the same time, however, she stressed that now is not the time to ease sanctions against Russia.

‘This is not the time to lift sanctions against Russia,’ she wrote in a post on X after speaking with G7 leaders to discuss the impact of the war with Iran on oil and gas markets.

Together with European Council President António Costa, she reiterated that the immediate priority is to maintain the flow of energy, especially through the Strait of Hormuz. Both leaders also supported the International Energy Agency’s decision to release 400 million barrels of oil, which should help ease tensions in global energy supplies.

(reuters, max)