The crude cap is due to come into force on 5 December
US seeks to reassure over Russia price cap
The looming move threatens additional uncertainty and risk for the energy markets this winter
The proposed price cap on Russian crude and products is “innovative, and very different from typical sanctions measures”, Ben Harris, assistant secretary for economic policy at the US Department of the Treasury, told the Energy Intelligence Forum in London. And there has been considerable “misunderstanding” over the plans, he suggests. Russia benefitted from inflated prices after its invasion of Ukraine, and the EU subsequently imposed packages of restrictions in response. The price cap should be seen as a “release valve” or extension to the sixth sanctions package, Harris explains, although the EU has since announced a total of eight such packages. The intention is to “preserve the trade of
Also in this section
20 June 2025
The scale of energy demand growth by 2030 and beyond asks huge questions of gas supply especially in the US
20 June 2025
The Emirati company is ramping up its overseas expansion programme, taking it into new geographic areas that challenge long-held assumptions about Gulf NOCs
19 June 2025
Geopolitical uncertainty casts a pall over expectations around demand, supply, investment and spare capacity
19 June 2025
Shifting demand patterns leaves most populous nation primed to become downstream leader as China and the West retreat
