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EU envoys near agreement on lower Russian oil price cap

EU envoys near agreement on lower Russian oil price cap
The crude oil tanker SCF Surgut, owned by Russia's leading tanker group Sovcomflot, transits the Bosphorus in Istanbul, Turkey, on April 4, 2024. (REUTERS/File Photo)
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Updated 14 July 2025

EU envoys near agreement on lower Russian oil price cap

EU envoys near agreement on lower Russian oil price cap

BRUSSELS: European Union envoys are on the verge of agreeing an 18th package of sanctions against Russia for its full-scale invasion of Ukraine that would include a lower price cap on Russian oil, four EU sources said after a Sunday meeting.
The sources said all the elements of the package had been agreed, although one member state still has a technical reservation on the new cap.
The sources — speaking on condition of anonymity to discuss confidential talks — said they expect to reach a full agreement on Monday, ahead of a foreign ministers’ meeting in Brussels the following day that could formally approve the package.
The sources said they had also agreed to a dynamic price mechanism for the price cap. On Friday, the European Commission proposed a floating price cap on Russian oil of 15 percent below the average market price of crude in the previous three months.
One of the sources said the initial price would be around $47 a barrel based on the average price of Russian crude for the last 22 weeks minus 15 percent. Further, the price would be revised based on the average oil price every six months instead of the proposed three months.
Slovakia — which has held up the proposed package — is still seeking reassurances from the European Commission on its concerns about plans to phase out Russian gas supply but it has agreed to the new measures, the sources said.
Sanctions require unanimity among the EU’s member countries to be adopted.
The Group of Seven (G7) price cap, aimed at curbing Russia’s ability to finance the war in Ukraine, was originally agreed in December 2022. The European Union and Britain have been pushing the G7 to lower the cap for the last two months after a fall in oil futures made the current $60 a barrel level largely irrelevant.
The cap bans trade in Russian crude oil transported by tankers if the price paid was above $60 per barrel and prohibits shipping, insurance and re-insurance companies from handling cargoes of Russian crude around the globe, unless it is sold for less than the price cap.
The Commission proposed the package in early June, aimed at further cutting Moscow’s energy revenues, including a ban on transactions with Russia’s Nord Stream gas pipelines, and financial network that helps it circumvent sanctions.
Another one of the sources said the new package will list a Russian-owned refinery in India, two Chinese banks, and a flag registry. Russia has used flags of convenience for its shadow fleet of ships and oil tankers. 


FBI fires additional agents who participated in investigating Trump, AP sources say

FBI fires additional agents who participated in investigating Trump, AP sources say
Updated 05 November 2025

FBI fires additional agents who participated in investigating Trump, AP sources say

FBI fires additional agents who participated in investigating Trump, AP sources say

WASHINGTON: The FBI has continued its personnel purge, forcing out additional agents and supervisors tied to the federal investigation into President Donald Trump’s efforts to overturn the 2020 election. The latest firings came despite efforts by Washington’s top federal prosecutor to try to stop at least some of the terminations, people familiar with the matter told The Associated Press.
The employees were told this week that they were being fired but those plans were paused after D.C. US Attorney Jeanine Pirro raised concerns, according to two people who spoke on the condition of anonymity because they were not authorized to publicly discuss personnel matters.
The agents were then fired again Tuesday, though it’s not clear what prompted the about-face. The total number of fired agents was not immediately clear.
The terminations are part of a broader personnel upheaval under the leadership of FBI Director Kash Patel, who has pushed out numerous senior officials and agents involved in investigations or actions that have angered the Trump administration. Three ousted high-ranking FBI officials sued Patel in September, accusing him of caving to political pressure to carry out a “campaign of retribution.”
Spokespeople for Patel and Pirro didn’t immediately respond to messages seeking comment on Tuesday.
The FBI Agents Association, which has criticized Patel for the firings, said the director has “disregarded the law and launched a campaign of erratic and arbitrary retribution.”
“The actions yesterday — in which FBI Special Agents were terminated and then reinstated shortly after, and then only to be fired again today — highlight the chaos that occurs when long-standing policies and processes are ignored,” the association said. “An Agent simply being assigned to an investigation and conducting it appropriately within the law should never be grounds for termination.”
The 2020 election investigation that ultimately led to special counsel Jack Smith’s indictment of Trump has come under intense scrutiny from GOP lawmakers, who have accused the Biden administration Justice Department of being weaponized against conservatives. Sen. Chuck Grassley, the Republican chairman of the Senate Judiciary Committee, has in recent weeks released documents from the investigation provided by the FBI, including ones showing that investigators analyzed phone records from more than a half dozen Republican lawmakers as part of their inquiry.
The Justice Department has fired prosecutors and other department employees who worked on Smith’s team, and the FBI has similarly forced out agents and senior officials for a variety of reasons as part of an ongoing purge that has added to the tumult and sense of unease inside the bureau.
The FBI in August ousted the head of the bureau’s Washington field office as well as the former acting director who resisted Trump administration demands to turn over the names of agents who participated in Jan. 6 Capitol riot investigations. And in September, it fired agents who were photographed kneeling during a racial justice protest in Washington that followed the 2020 death of George Floyd at the hands of Minneapolis police officers.