Estonian PM calls for lowering of Russian oil price cap
Prime Minister Kaja Kallas (Reform) called on EU leaders to lower the limit of the Russian oil price cap and for the G7 to continue with the scheme.
"What we have to work on is the oil price cap," Kallas told reporters in Brussels on Thursday morning.
"We had an agreement in December that the oil price cap will be tied to with the market price and will be 5 percent lower. We agreed that we will have a review in January, then [again] in March. But we do not have that review yet. We know that Russia is earning less from oil - 42 percent. We can see the economic sanctions, including the oil price cap, is having an effect on Russia's economy and also their ability to fuel the war machine. So we should continue with that. I would really like to see that the G7 would continue with the price cap," she said.
The G7 grouping includes Canada, France, Germany, Italy, Japan, the United Kingdom and the United States.
The prime minister said the next step will be to push for a special tribunal for crimes of Russian aggression.
'"That is what I will certainly raise today with the UN Secretary-General," she told "Aktuaalne kaamera".
Sanctions as well as EU and G7 oil price cap are working. We must keep up the pressure.
— Kaja Kallas (@kajakallas) March 23, 2023
Russia earned 42% less from selling oil this February than last. This shows oil price cap has been one of the most efficient tools in cutting Russia's revenues. Need to continue reviewing it. pic.twitter.com/S49dqBYGi8
UN Secretary General Antonio Guterres also made a proposal to EU leaders in Brussels on Thursday to ease sanctions to help global food security.
But Kallas said easing sanctions on the Belarusian and Russian fertilizer industries will not improve global food security and will only serve Russia's interests.
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Editor: Mari Peegel, Helen Wright
Source: Aktuaalne kaamera
