EU affirms oil price cap on Russia as US issues temporary exemption

Despite the United States allowing the transit of Russian oil, the European Union has no plans to change the price cap imposed on Moscow’s crude.

AzerNEWS reports that Siobhan McGarry stated at a briefing that sanctions against Russia and the oil price cap remain fully justified and will continue to be enforced.

She noted that the mechanism has helped limit Russia’s energy revenues while maintaining stability in global oil markets.

McGarry emphasized that Washington’s temporary exemption for transit Russian oil does not alter EU policy, describing the U.S. decision as a limited, time-bound exception.

European Commission President Ursula von der Leyen also stressed in her March 11 speech to the European Parliament that returning to Russian energy resources would be a strategic mistake for the EU.

“Some circles propose abandoning our long-term strategy in the current crisis and returning to Russian fossil fuels. This would be a strategic error,” she said.

The same stance has been echoed by the United Kingdom. On March 13, UK Energy Secretary Michael Shanks stated that despite tensions in the Middle East and around the Strait of Hormuz, London does not plan to ease sanctions on Russian oil.