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International Business Times
International Business Times
World

EU Chief Says Pressure Off For Lower Russia Oil Price Cap

European Union Russia Oil Ursula von der Leyen United States G7 Donald Trump EU Commission Vladimir Putin Ukraine
European Commission President Ursula von der Leyen and her husband Heiko arrive at the Group of Seven (G7) Summit (Credit: AFP)

EU Commission Chief Ursula von der Leyen on Tuesday said surging energy prices have reduced the urgency to slash the price cap on Russia's global oil exports.

The European Commission, the EU's executive arm, had suggested cutting the current oil price cap from $60 to $45 as Moscow drags its feet on a ceasefire in Ukraine.

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