G7’s Russia oil price cap cut to proceed without US support

European Union and UK pushing for lower ceiling even if President Trump opts out

US President Donald Trump (left), with secretary of commerce Scott Bessent. — US President Donald Trump (left), with secretary of commerce Scott Bessent.Photo: Molly Riley/White House

Gary Dixon

TradeWinds correspondentLondon

Published 13 June 2025, 07:23Updated 16 June 2025, 13:32

Oil price cap G7 US Crude tankers Product tankers