EU leaders are suspicious of US plan to control price of Russian oil

• EU leaders are suspicious of US push for a price ceiling on oil.
• The idea aims to prevent the Kremlin from pocketing sky-high oil income.
• EU will reduce imports of Russian oil by 90% by the end of the year, says Ursula von der Leyen.

As they prepared for a G7 discussion on the matter, EU leaders stated that a US push for a price ceiling on Russian oil would require global consensus to be effective.

The idea aims to prevent the Kremlin from pocketing sky-high oil income. It will be discussed at a gathering of major economies in Germany.

Olaf Scholz, the German chancellor, stated on Friday, following an EU summit in Brussels, that the G7 could not act alone.

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“On the question of oil you have to co-operate internationally but only something that everybody does together can work,” he said.

“It’s no good if it’s just a few individual countries doing it. The demand exists in the whole world. And unless we can get everyone on board, or nearly everyone, then it won’t be so effective,” he added.

Charles Michel, president of the European Council, stated that it would be on the agenda of the G7, but cautioned of “possible collateral effects.”

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President of the European Commission Ursula von der Leyen stated that the EU had decided to reduce imports of Russian oil by 90% by the end of the year.

It was “constructively discussing” the US proposal “but whatever we decide we need a broad coalition to come together not only looking at the EU but other countries globally”.