EU urges US to strictly enforce G7 price cap on Russian oil

BRUSSELS, March 10 (Reuters) - The European Commission urged the United States on Tuesday to strictly enforce the G7 price cap on Russian oil after Washington announced on Monday it was waiving certain oil-related sanctions as a way to ensure supply and lower ​prices.

Oil prices surged to $119 a barrel on Monday, their highest levels in almost four years, on fears of Gulf output cuts and disrupted exports by tanker.

G7 finance ministers said on Monday they were ready to release oil from strategic reserves to help lower prices, if necessary.

"It is very important to strictly enforce the G7 price gap and potentially move to the full maritime services ban to limit Russia's war revenues, because the opposite would be self-defeating," European Economic Commissioner Valdis Dombrovskis told a news conference.

"It would reinforce Russia's capacity to wage war, undermining Ukraine, undermining our support for Ukraine, and also undermining the goals which the U.S. and Israel are trying to reach in Iran, as we know that Russia is also supporting Iran's war effort," Dombrovskis said.