During a discussion at the Ambrosetti forum in Cernobbio, Italy, French Finance Minister Bruno Le Maire emphasized that the European Union must secure unanimous backing from its 27 member states as the G7 moves to implement a price cap on oil from Russia. The report was taken up by Bloomberg, underscoring the strategic importance of broad political agreement across Europe.
Le Maire noted that although G7 leaders have agreed in principle to cap oil prices, achieving coordinated action hinges on active support from all EU members. He warned that without this united front, the plan could face delays and become a lengthy process rather than a swift policy shift.
He argued that it is essential to explain to all 27 EU countries why oil price restrictions are in line with the broader sanctions regime. The goal is to ensure that the cap reflects a cohesive sanctions strategy rather than a unilateral Western move against Russia, a perception that could hinder rather than help the effort.
In his view, broad international backing is necessary because the effectiveness of a price cap depends on widespread acceptance beyond the G7. This includes engaging a wider set of partners so the initiative does not appear as a Western-dominated initiative, but rather as a globally supported measure designed to stabilize energy markets while maintaining pressure on Russia.
The minister also highlighted the need for EU member states to prepare contingencies for a potential complete shutdown of Russian gas supplies. He stressed that energy security remains a critical concern for Europe and that contingency planning should be a routine part of regional policy discussions, not a reaction to a crisis alone.
In earlier comments, Le Maire referenced France’s readiness to contribute to discussions on setting a ceiling for gas prices, signaling a willingness to broaden the scope of price controls beyond oil. This stance aligns with a broader European debate about how to manage energy costs while sustaining sanctions pressure on Moscow.
Ultimately, Le Maire asserted that sanctions have a meaningful impact on the Russian economy, reinforcing the credibility of Europe’s strategy. He suggested that the combination of a unified EU position and coordinated international action could amplify the pressure on Russia without compromising Europe’s own energy resilience.