Energy Security

Russia oil price cap cut blocked by single EU holdout country

Bloc eyeing floating cap system after falling global prices made scheme ineffective

European Union High Representative for Foreign Affairs and Security Policy Kaja Kallas.
European Union High Representative for Foreign Affairs and Security Policy Kaja Kallas.Photo: AFP/SCANPIX
TradeWinds correspondentLondon
Published 15 July 2025, 10:32Updated 15 July 2025, 10:32
European UnionRussiaEuropeWestern EuropeSouthern Europe