Brussels backs off Russian gas price cap after Putin threat
2 years, 3 months ago

Brussels backs off Russian gas price cap after Putin threat

The Telegraph  

EU ministers have stopped short of a price cap on Russian gas, following threats from Vladimir Putin to cut off supply in retaliation for any cap. The EU’s executive arm was also instructed to prepare proposals for a broader price cap, not just targeting Russia, and a plan to grease the wheels of strained energy markets. Ireland’s environment minister Eamon Ryan said: “The measures the Commission has recommended, in taking some of those excess profits and recycling them back into the households, makes sense.” Jozef Síkela, Czech minister of industry, said EU members will “do whatever it takes to help our citizens and companies who are facing high energy prices”. “We managed to agree on a common direction for temporary emergency measures and give a clear task to the Commission to come forward with a robust and tangible proposal in a matter of days.” Gas prices in the region slipped almost 8pc to €205 per megawatt hour on Friday as the EU stepped up its efforts to tackle the issue.

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History of this topic

Two US treasury officials visiting India to urge Modi govt to maintain implementation of Russian oil price cap
8 months, 3 weeks ago

Two US treasury officials visiting India to urge Modi govt to maintain implementation of Russian oil price cap

India TV News  

Two senior US treasury officials - Acting Assistant Secretary for Terrorist Financing Anna Morris and PDO Assistant Secretary for Economic Policy Eric Van Nostrand - will urge New Delhi to maintain the implementation of the oil price cap aimed at limiting profits to Russia, while also promoting stable global energy markets, the Biden administration said in an official announcement. “They …

A price cap on Russian oil aims to starve Putin of cash. But it’s largely been untested. Until now
1 year, 2 months ago

A price cap on Russian oil aims to starve Putin of cash. But it’s largely been untested. Until now

Associated Press  

FRANKFURT, Germany — For months after Ukraine’s Western allies limited sales of Russian oil to $60 per barrel, the price cap was still largely symbolic. Russia’s benchmark oil — often exported with Western ships required to obey sanctions — has traded above the price cap since mid-July, pumping hundreds of millions of dollars a day into the Kremlin’s war chest. …

US says price caps on Russia’s oil are cutting revenue nearly in half and weakening its economy
1 year, 6 months ago

US says price caps on Russia’s oil are cutting revenue nearly in half and weakening its economy

Associated Press  

WASHINGTON — A top Treasury Department official said Thursday that the cap on the price of Russia’s oil is severely curtailing its greatest source of revenue as it wages war in Ukraine. When the United States and other economic powers in the Group of Seven, along with the European Union and Australia, last year announced an ambitious plan to cap …

‘We don’t and won't': Russia's unequivocal message to West on oil price cap
1 year, 9 months ago

‘We don’t and won't': Russia's unequivocal message to West on oil price cap

Hindustan Times  

The Kremlin said on Tuesday that it did not recognise the price cap introduced by Western countries on its oil exports, after the United States said that the cap was "working well". Washington was one of the key architects of the Western price cap on Russian oil, which aims to drive down Moscow's revenues used to fund its invasion of …

Russia to Slash Crude Oil Output in Retaliation for Western Price Cap
1 year, 10 months ago

Russia to Slash Crude Oil Output in Retaliation for Western Price Cap

News 18  

Russia announced Friday it will slash crude oil output by five percent next month after Western countries imposed a price cap over the Ukraine conflict. International crude prices surged after Deputy Prime Minister Alexander Novak said that Russia would “voluntarily” reduce production by 500,000 barrels per day in March. There are two price cap levels, $100 per barrel for more …

G-7, Europe reach deal for price cap on Russian diesel
1 year, 10 months ago

G-7, Europe reach deal for price cap on Russian diesel

Associated Press  

BRUSSELS — U.S. Treasury Secretary Janet Yellen said Friday that industrialized countries in the Group of Seven are imposing a price cap on refined Russian oil products such as diesel and kerosene, as part of a coalition that includes Australia and a tentative agreement from the European Union. The cap follows similar price limits put on Russian oil exports, with …

Europe reaches deal for price cap on Russian diesel
1 year, 10 months ago

Europe reaches deal for price cap on Russian diesel

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy European Union governments tentatively agreed …

Vladimir Putin’s plans to freeze Europe melt away with warm weather, as his economy withstands bracing winds
1 year, 11 months ago

Vladimir Putin’s plans to freeze Europe melt away with warm weather, as his economy withstands bracing winds

ABC  

While Europe's record-breaking temperatures have been causing alarm among climate scientists, officials in the Kremlin may be equally dismayed. Europe's energy crisis Photo shows The words "No Money for Murderers, Stop the Oil and Gas Trade" are projected onto the wall of the Russian consulate in Germany. "What the oil price cap has done is place restrictions on Russia through …

Vladimir Putin bans Russian oil exports to countries that imposed price cap over Ukraine war
1 year, 11 months ago

Vladimir Putin bans Russian oil exports to countries that imposed price cap over Ukraine war

ABC  

President Vladimir Putin has delivered Russia's long-awaited response to a Western price cap, signing off on a five-month ban on the supply of crude oil and oil products to nations that impose the cap. Key points: Russia has banned G7 countries from crude oil exports, beginning February 1 The move follows the G7 price cap, aimed at crippling Moscow's military …

Ukraine war: Vladimir Putin has been weaponising energy for years. Here’s what to look for next
2 years ago

Ukraine war: Vladimir Putin has been weaponising energy for years. Here’s what to look for next

Firstpost  

Russia shifted its strategy to attrition, specifically targeting energy infrastructure, after failing to force a quick, decisive victory against Ukraine Not since the 1970s oil crisis has the West seen such a focus on energy security. Vladimir Putin’s regime had been using selective gas supply cuts as a pressure tool against Ukraine since at least the winter of 2005-06, when …

EU countries agree gas price cap to battle energy crisis
2 years ago

EU countries agree gas price cap to battle energy crisis

Al Jazeera  

The 27-nation bloc has agreed to trigger a cap if gas prices exceed 180 euros per megawatt hour for three days. European Union nations’ energy ministers have agreed on a gas price cap, after weeks of talks on the emergency measure that has split opinion across the bloc as it seeks to tame the energy crisis. EU officials and a …

EU ministers fail again on gas price cap to contain costs
2 years ago

EU ministers fail again on gas price cap to contain costs

Associated Press  

BRUSSELS — European Union energy ministers failed yet again to overcome their deep differences Tuesday on a natural gas price cap that many hope would make utility bills cheaper so people can stay a little warmer during harsh winter days — if not this year, then later. One side is demanding a cap to push down gas prices for households …

Russian oil price cap, EU ban aim to limit Kremlin war chest
2 years ago

Russian oil price cap, EU ban aim to limit Kremlin war chest

Associated Press  

FRANKFURT, Germany — Major Western measures to limit Russia’s oil profits over the war in Ukraine took effect Monday, bringing with them uncertainty about how much crude could be lost to the world and whether they will unleash the hoped-for hit to a Russian economy that has held up better than many expected under sanctions. “And that depends not only …

Russian oil price cap, EU ban aim to limit Kremlin war chest
2 years ago

Russian oil price cap, EU ban aim to limit Kremlin war chest

Associated Press  

FRANKFURT, Germany — Major Western measures to limit Russia’s oil profits over the war in Ukraine took effect Monday, bringing with them uncertainty about how much crude could be lost to the world and whether they will unleash the hoped-for hit to a Russian economy that has held up better than many expected under sanctions. “And that depends not only …

Cap on Russian oil prices begins, in pressure campaign on Moscow over Ukraine
2 years ago

Cap on Russian oil prices begins, in pressure campaign on Moscow over Ukraine

LA Times  

Western countries have begun imposing a $60-per-barrel price cap and ban on some types of Russian oil. Western countries Monday began imposing a $60-per-barrel price cap and ban on some types of Russian oil, part of new measures aimed at stepping up pressure on Moscow over its war on Ukraine. Russian Deputy Prime Minister Alexander Novak, who is in charge …

Fighting between Russian and Ukrainian forces running at a 'reduced tempo', US intelligence chief says
2 years ago

Fighting between Russian and Ukrainian forces running at a 'reduced tempo', US intelligence chief says

ABC  

The head of US intelligence says the fighting in Russia's war in Ukraine is running at a "reduced tempo", and the prospects for Ukrainian forces may be brighter in the coming months. Key points: US intelligence head Avril Haines said the Russian President's advisers could be shielding him from bad news A surveys conducted in Russia showed most respondents backed …

Russia will not sell oil subject to Western cap: Putin's aide
2 years ago

Russia will not sell oil subject to Western cap: Putin's aide

Hindustan Times  

Russia, the world's second largest oil exporter, will not sell oil that is subject to a Western price cap even if it has to cut production, President Vladimir Putin's point man on energy said. The Group of Seven and Australia on Friday agreed a $60 per barrel price cap on Russian seaborne crude oil after European Union members overcame resistance …

Russia rejects $60-a-barrel cap on its oil, warns of cutoffs
2 years ago

Russia rejects $60-a-barrel cap on its oil, warns of cutoffs

Associated Press  

KYIV, Ukraine — Russian authorities rejected a price cap on the country’s oil set by Ukraine’s Western supporters and threatened Saturday to stop supplying the nations that endorsed it. Wait, very soon the EU will accuse Russia of using oil as a weapon.” The office of Ukrainian President Volodymyr Zelenskyy, meanwhile, called Saturday for a lower price cap, saying the …

Russia rejects $60 oil price cap, warns of response
2 years ago

Russia rejects $60 oil price cap, warns of response

Al Jazeera  

Ukraine’s Western allies approve oil price cap to starve Russia of revenues as Kyiv pushes for a lower cap as the war continues. Russia has rejected a $60 price cap on its oil set by Ukraine’s Western allies and warned of a response as President Volodymyr Zelenskyy said it was “quite comfortable” for Moscow amid a push from Kyiv for …

Explained: What will be the impact of EU's ban and price cap on Russian oil?
2 years ago

Explained: What will be the impact of EU's ban and price cap on Russian oil?

Hindustan Times  

Western governments are aiming to cap the price of Russia's oil exports in an attempt to limit the fossil fuel earnings that support Moscow's budget, its military and the invasion of Ukraine. US Treasury Secretary Janet Yellen has proposed the cap with other Group of 7 allies as a way to limit Russia's earnings while keeping Russian oil flowing to …

EU edges closer to $60-per-barrel Russian oil price cap
2 years ago

EU edges closer to $60-per-barrel Russian oil price cap

Firstpost  

The latest offer, confirmed by 3 EU diplomats, comes ahead of a deadline to set the price for discounted oil by Monday, when a European embargo on seaborne Russian crude and a ban on shipping insurance for those supplies take effect Brussels: The European Union was edging closer to setting a $60-per-barrel price cap on Russian oil — a highly …

EU edges closer to $60-per-barrel Russian oil price cap
2 years ago

EU edges closer to $60-per-barrel Russian oil price cap

Associated Press  

BRUSSELS — The European Union was edging closer to setting a $60-per-barrel price cap on Russian oil — a highly anticipated and complex political and economic maneuver designed to keep Russia’s supplies flowing into global markets while clamping down on President Vladimir Putin’s ability to fund his war in Ukraine. The $60 figure would mean a cap near the current …

Vladimir Putin open to talks on Ukraine if West accepts Moscow's demands
2 years ago

Vladimir Putin open to talks on Ukraine if West accepts Moscow's demands

ABC  

Russian President Vladimir Putin is "open to negotiations" on Ukraine but the West must accept Moscow's demands, the Kremlin says, a day after US President Joe Biden said he was willing to talk with the Russian leader. Key points: The Kremlin says the US's refusal to recognise annexed territory in Ukraine as Russian was hindering a search for ways to …

EU to cap Russian oil at $60 a barrel
2 years ago

EU to cap Russian oil at $60 a barrel

The Telegraph  

The EU is planning to roll out a price cap on Russian oil of $60 a barrel in an effort to curb Putin’s energy revenues. EU countries and the G7 have been locked in discussions for months over a potential price cap, which is designed to target the Kremlin’s vast income from energy. The G7 last week proposed a cap …

European Union could cap Russian oil at $65-$70 a barrel: Report
2 years, 1 month ago

European Union could cap Russian oil at $65-$70 a barrel: Report

Hindustan Times  

The European Union is discussing capping the price of Russian crude oil at between $65 and $70 a barrel, according to people familiar with the matter. “Should the G-7 price cap for Russian oil be set at a similar level, it wouldn’t do much harm to Russia.” The aims of the price cap were always ambiguous: The US wanted to …

EU ministers delay for a month decision on more energy unity
2 years, 1 month ago

EU ministers delay for a month decision on more energy unity

Associated Press  

BRUSSELS — European Union nations on Tuesday gave themselves yet another month to overcome deep differences on groundbreaking measures to shield their citizens from the energy crisis. But because fluctuating global energy markets and different energy mixes among member states — ranging from nuclear to natural gas and other fossil fuels — make smart, lightning-quick decisions wickedly difficult, “many countries, …

EU leaders avoid deep rift on gas price cap at energy summit
2 years, 2 months ago

EU leaders avoid deep rift on gas price cap at energy summit

Associated Press  

BRUSSELS — European Union leaders struggled to find immediate practical solutions on how to deal with an energy crisis but avoided an open rift between Germany and France on Friday that would have exposed a divided bloc as it confronts Russian President Vladimir Putin over his war in Ukraine. After daylong talks in Brussels dragged well into early Friday, the …

EU leaders divided on gas price cap at energy crisis summit
2 years, 2 months ago

EU leaders divided on gas price cap at energy crisis summit

Associated Press  

BRUSSELS — European Union leaders struggled to find immediate practical solutions at their summit Thursday called to grapple with the energy crisis fueled by the war in Ukraine and maintain a united front in the face of Russian President Vladimir Putin coercion. After lengthy talks in Brussels dragged well into the night, the 27 EU leaders could not bridge divisions …

EU leaders avoid open rift, but struggle for solutions, on gas price cap
2 years, 2 months ago

EU leaders avoid open rift, but struggle for solutions, on gas price cap

LA Times  

French President Emmanuel Macron speaks to the media as he arrives for a European Union summit in Brussels on Thursday. After daylong talks in Brussels dragged well into the night, the 27 EU leaders papered over divisions between some of the biggest member states and at least agreed to continue working on ways to impose a gas price cap in …

India to examine price cap proposal for Russian crude: Oil Minister Hardeep Singh Puri
2 years, 2 months ago

India to examine price cap proposal for Russian crude: Oil Minister Hardeep Singh Puri

The Hindu  

India said on Wednesday it will examine a proposal by Western nations to impose a price cap on Russian oil purchases, even as some local refiners have lined up Russian cargoes for delivery post December 5, when the cap is set to take effect. The Group of Seven richest economies has been trying to enforce a price-capping mechanism on Russian …

No summit breakthrough, EU struggles with gas price cap plan
2 years, 2 months ago

No summit breakthrough, EU struggles with gas price cap plan

Associated Press  

PRAGUE — European Union leaders struggled Friday to bridge significant differences over a natural gas price cap as winter approaches and Russia’s war in Ukraine fuels a major energy crisis, driving up prices for consumers and businesses. “So we cannot set the price so that no one would sell gas into Europe.” In a choreographed display of unity, French President …

European Union leaders struggle to bridge gas price cap divide
2 years, 2 months ago

European Union leaders struggle to bridge gas price cap divide

The Hindu  

European Union leaders converged on Prague Castle, on October 7, to try to bridge significant differences over a natural gas price cap as winter approaches and Russia's war on Ukraine fuels a major energy crisis. A group of 15 member countries has urged the EU's executive branch, the European Commission, to propose a cap on gas prices as soon as …

EU agrees on price cap for Russian oil over Ukraine war
2 years, 2 months ago

EU agrees on price cap for Russian oil over Ukraine war

Associated Press  

BRUSSELS — European Union countries agreed Wednesday to impose a price cap on Russian oil and other new sanctions after Moscow illegally annexed four regions in Ukraine amid its monthslong war, EU officials said. The 27-nation bloc will impose a ban on transporting Russian oil by sea to other countries above the price cap, which the Group of Seven wealthy …

Allies aim for risky Russian oil price cap as winter nears
2 years, 2 months ago

Allies aim for risky Russian oil price cap as winter nears

Associated Press  

WASHINGTON — U.S. officials celebrated in early September when top allies agreed to back an audacious, never-before-tried plan to clamp down on Vladimir Putin’s access to cash as he wages war on Ukraine. And while the U.S. and European countries have levied thousands of financial and diplomatic sanctions on Russia, including recently announced penalties, Treasury leaders say a price cap …

EU adopts levy on excess energy profits, no gas price cap
2 years, 2 months ago

EU adopts levy on excess energy profits, no gas price cap

Associated Press  

BRUSSELS — European Union energy ministers on Friday adopted a package of measures to ease an energy crisis, including a levy on windfall profits of fossil fuel companies, but an agreement on capping natural gas prices that is supported by a majority of countries remained off the table. With energy prices skyrocketing across Europe since Russia invaded Ukraine, the 27 …

Russia responds to PM Modi’s ’not an era of war’ remark
2 years, 3 months ago

Russia responds to PM Modi’s ’not an era of war’ remark

Live Mint  

Russia on Friday has reacted to Prime Minister Narendra Modi's comment to Vladimir Putin on 'not an era of war' when the two spoke on the sidelines of the Shanghai Cooperation Organisation meeting, saying that remarks have been consistent with India's position on the issue. Speaking on price cap, Alipov also said that the country would stop supplying oil to …

Will stop global oil supplies if proposed G-7 price cap unfair, says Russian envoy Denis Alipov
2 years, 3 months ago

Will stop global oil supplies if proposed G-7 price cap unfair, says Russian envoy Denis Alipov

Firstpost  

The comment comes following a statement issued by G-7 finance ministers, earlier this month that said the price cap was specifically designed to reduce Russian revenues and its ability to fund the Ukraine war New Delhi: Russia on Friday said it would stop supplying oil to the global market if the price cap proposed by G-7 countries was not fair. …

Watch | How is Russia choking Europe’s energy needs?
2 years, 3 months ago

Watch | How is Russia choking Europe’s energy needs?

The Hindu  

An energy crisis is brewing in Europe. A major reason behind this is Russia shutting the Nord Stream 1 pipeline – a cheap natural gas supply that Europe depended on for years. Nord Stream is an export gas pipeline which runs under the Baltic Sea, carrying gas from Russia to Europe It bypasses transit countries, making it highly reliable for …

European Union ministers fast-track 'unprecedented' measures to solve energy price shock
2 years, 3 months ago

European Union ministers fast-track 'unprecedented' measures to solve energy price shock

Firstpost  

Moscow’s invasion has seen the price of natural gas hit record levels, throwing the EU economy into deep uncertainty, with all eyes on whether Russian President Vladimir Putin will cut off the flow entirely Brussels, Belgium: The EU executive pledged Friday to come up with unprecedented measures in the coming days to solve an energy price shock triggered by Russia’s …

EU nations struggle to find joint approach on energy prices
2 years, 3 months ago

EU nations struggle to find joint approach on energy prices

Associated Press  

BRUSSELS — European Union nations struggled to find full consensus Friday on ways to shield the population from dramatically increasing energy prices that threaten to plunge millions into cold and poverty over the winter as Russia chokes off natural gas supplies. While EU members are most interested in lowering prices and getting enough gas, “the commission aimed at limiting Russia’s …

EXPLAINER: Europe struggles to cope with Russia gas shutoffs
2 years, 3 months ago

EXPLAINER: Europe struggles to cope with Russia gas shutoffs

Associated Press  

FRANKFURT, Germany — Europe is facing an energy crisis that is squeezing ordinary people’s finances and in just a few weeks could mushroom into rolling blackouts and factory shutdowns. Here is the latest on Europe’s efforts to avoid a total energy disaster: DID RUSSIA CUT OFF GAS TO EUROPE? There’s still some Russian gas flowing to Europe through a pipeline …

Putin threatens to stop European energy exports if price cap on gas is enforced
2 years, 3 months ago

Putin threatens to stop European energy exports if price cap on gas is enforced

Live Mint  

Russian President Vladimir Putin threatened to halt all energy shipments to Europe if Brussels goes ahead with a proposal to cap the price of Russian gas and suggested restricting a U.N.-brokered deal for Ukrainian grain exports via the Black Sea. Ukraine remained guarded about its counter-offensive in the east but its top general warned Russia could turn to nuclear weapons …

Putin: Russia may halt energy exports if West caps prices
2 years, 3 months ago

Putin: Russia may halt energy exports if West caps prices

Associated Press  

MOSCOW — Russian President Vladimir Putin on Wednesday threatened to completely cut energy supplies to the West if it tries to cap prices of Russian exports. Speaking at an annual economic forum in the far-eastern port city of Vladivostok, Putin scoffed at the EU plans for a cap on Russian oil and gas prices as a “stupid” idea that “will …

EU wants price cap on Russian gas, energy companies to pay
2 years, 3 months ago

EU wants price cap on Russian gas, energy companies to pay

Associated Press  

BRUSSELS — European Union countries should set a price cap on Russian natural gas and seek a “solidarity contribution” from European oil and gas companies making extraordinary profits as the war in Ukraine drives up energy costs, European Commission President Ursula von der Leyen said Wednesday. “We are facing an extraordinary situation, because Russia is an unreliable supplier but also …

EU to propose price cap on Russian gas, von der Leyen says
2 years, 3 months ago

EU to propose price cap on Russian gas, von der Leyen says

The Hindu  

The European Commission will propose a price cap on Russian gas, alongside measures including a mandatory EU cut in electricity use and a cap on the revenue of non-gas power generators, the bloc's chief said on Wednesday. We must cut Russia's revenues which Vladimir Putin uses to finance this atrocious war in Ukraine," European Commission President Ursula von der Leyen …

Putin says Russia to stop supplying energy if Western price caps imposed
2 years, 3 months ago

Putin says Russia to stop supplying energy if Western price caps imposed

The Hindu  

President Vladimir Putin on Wednesday threatened to cut off energy supplies if price caps are imposed on Russia's oil and gas exports, warning the West it would be "frozen" like a wolf's tail in a famous Russian fairy tale. Speaking at an economic forum in Russia's Pacific city of Vladivostok, Mr. Putin said European calls for a price cap on …

Austria announces price cap to curb rising power prices
2 years, 3 months ago

Austria announces price cap to curb rising power prices

Associated Press  

BERLIN — The Austrian government on Wednesday announced plans for a power price cap to curb the rise in energy costs tied to Russia’s war in Ukraine. The cost-relief plan comes at a time when Austria and other European countries are struggling to contain an energy crisis and rising prices as Russia has throttled back supplies of natural gas. The …

EU proposes price cap on Russian gas despite Putin’s ’frozen energy’ threat
2 years, 3 months ago

EU proposes price cap on Russian gas despite Putin’s ’frozen energy’ threat

Live Mint  

European Union chief Ursula von der Leyen proposed Wednesday that member states agree a price cap on Russian gas imports, part of measures to punish Moscow for the invasion of Ukraine, according to AFP report. This development comes following President Vladimir Putin on Wednesday threatening to cut off energy supplies if price caps are imposed on Russia's oil and gas …

Putin warns 'no gas, no oil' to countries that cap prices
2 years, 3 months ago

Putin warns 'no gas, no oil' to countries that cap prices

Firstpost  

G7 industrialised powers on Friday vowed to move urgently towards implementing a price cap on Russian oil imports, in a bid to cut off a major source of funding for Moscow’s military action in Ukraine Moscow: Russia will stop delivering oil and gas supplies to countries that introduce price caps, President Vladimir Putin said Wednesday. Capping prices, as some Western …

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