Talks between European Union member states stall on the adoption of the eighteenth sanctions package targeting Russian oil, due to ongoing disagreements over the proposed price ceiling.
European Union ambassadors are close to reaching an agreement on a new sanctions package aimed at reducing the Russian oil price cap, with measures impacting several energy and financial sectors.
The United Kingdom tightens sanctions against Russia's oil sector by targeting twenty tankers operating in the "shadow fleet" and Rosneft Marine, amid rising crude prices exceeding the G7-imposed price cap.
Facing anticipated refusal from G7 countries to lower the Russian oil price cap to $45, the European Union weighs its options, leaving global oil markets awaiting the next European sanctions.
The Kremlin condemns the European proposal to lower the price cap on Russian oil to $45 per barrel, asserting that this measure could disrupt global energy markets, as the G7 prepares for decisive discussions on the issue.
Brussels aims to persuade the G7 to reduce the Russian oil price cap to $50 per barrel, as part of negotiations on the next sanctions package targeting Moscow’s energy revenues.
G7 environment, climate and energy ministers met in Sapporo, Japan, to strengthen their coordination in addressing the triple global crisis of climate change, biodiversity loss and pollution.
Japan seeks G7 support to accelerate decarbonization efforts at the upcoming Climate, Energy and Environment Ministers' meeting. The country aims to ensure energy security and economic growth while reducing carbon emissions.
The G7 made a controversial decision to support gas investments, drawing criticism from environmental activists and fueling debate about its impact on global climate goals.
