Yellen, UK’s finance minister discuss price cap on Russian oil

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US Treasury Secretary Janet Yellen highlighted a proposed price cap on Russian oil on a phone call with British Finance Minister Nadhim Zahawi on Tuesday, a move to reduce the impact of the war in Ukraine on global energy prices. Both discussed the need to continue to accelerate budgetary support for Ukraine, and opportunities to build on sanctions imposed on Russia, Yellen said in a statement. Follow our live updates for all the latest developments. All times are Paris time (GMT+2).

7:29am: Nord Stream 1 pipeline gas nominations nearly halve for July 27 

Requests for Russian natural gas flows through Nord Stream 1 into Germany nearly halved from 8 am CET on July 27, data from the pipeline operator showed on Wednesday.

Gazprom has blamed its latest reduction on needing to halt operation of a turbine. EU energy chief Kadri Simson dismissed that reason, calling the move “politically motivated”.

7:16am: EU agrees to cut gas consumption amid Russian supply fears

European Union governments agreed Tuesday to reduce consumption of natural gas this winter to protect themselves against any further supply cuts by Russia amid its invasion of Ukraine, although the measure contains exemptions for some countries.

“European Commission President Ursula von der Leyen was trying to portray this as a moment of great unity today but behind the scenes there was a lot of disunity”, reports David Keating, FRANCE 24’s correspondent in Brussels.

“For one thing, Hungary voted against this proposal, they weren’t able to veto it because it only need majority approval and they were the only country to vote against, but what got all the other countries over the line was this whole series of exemptions and derogations which essentially means that the Commission’s proposed instrument by which it would be able to declare an energy mergency if Russia shuts off the gas taps and mandate gas rationing by national governments- that’s pretty much gone because of the way this has been watered today down by energy ministers”, says Keating. 


6:44am: Yellen discusses price cap on Russian oil with UK’s Zahawi

US Treasury Secretary Janet Yellen considered a proposed price cap on Russian oil on a phone call with British Finance Minister Nadhim Zahawi on Tuesday, a move to reduce the impact of the war in Ukraine on global energy prices.

© France Médias Monde graphic studio

(FRANCE 24 with Reuters, AP and AFP)

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