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3h ago

EU Lowers Russian Oil Price Cap, Trump Threatens 100% Tariffs

EU measures heighten pressure on Russia’s energy revenues by cutting its oil price cap to $47.6 per barrel after President Trump issued a 50-day peace ultimatum backed by possible tariffs.

Dmitry Medvedev attends a meeting of the Council for Science and Education at the Joint Institute for Nuclear Research in the Moscow region's city of Dubna, Russia June 13, 2024. Sputnik/Alexei Maishev/Pool via REUTERS/File Photo
European Union High Representative for Foreign Affairs and Security Policy Kaja Kallas arrives at the 5th EU-Southern Neighbourhood Ministerial meeting in Brussels, Belgium, July 14, 2025. REUTERS/Yves Herman/File Photo
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Overview

  • The EU’s 18th sanctions package cuts Russia’s oil price cap to about $47.6 per barrel, blacklists over 100 shadow-fleet tankers and targets Rosneft’s Vadinar refinery in India.
  • President Trump issued a 50-day ultimatum for Moscow to agree to a Ukraine peace deal, warning of 100% secondary tariffs on countries importing Russian oil.
  • India’s Petroleum Minister Hardeep Singh Puri said the country can meet energy needs through other suppliers, with MEA spokesperson Randhir Jaiswal cautioning against double standards.
  • India is expanding oil sourcing from 27 to around 40 countries and quietly building three strategic reserves as discounts on Urals crude shrink to $1.70–$2 per barrel.
  • Kremlin spokesperson Dmitry Peskov asserted that Russia has acquired “a certain immunity” to sanctions and will adapt to the latest measures.