US lifting Russian oil price cap 'not a good idea'
What's the story
Germany's Ambassador to India, Philipp Ackermann, has expressed opposition to the United States lifting its price cap on Russian oil. Speaking at the India Today Conclave 2026, Ackermann argued that such a move would bolster Moscow's capacity to wage war in Ukraine. "My position is that (the US) lifting the price ceiling on Russian oil is not a good idea because we do not want Russia to have the money to launch another war in Ukraine," Ackermann said,
Economic impact
Europe feels the impact of US-Israel-Iran conflict
Ackermann also highlighted how the ongoing US-Israel-Iran conflict has already impacted global energy markets. He said Europe is feeling the pinch even though it isn't involved in this war. The Strait of Hormuz is effectively closed. Prices are rising in Europe, our economies are slowing down, and people are unhappy, he said.
Diplomatic efforts
EU's diplomatic clout in Middle East growing
Ackermann also hinted at the EU's increasing diplomatic clout in the Middle East. He said that while Europe isn't part of this war, it continues to engage diplomatically with the US. "Under the current circumstances, I see EU influence in the Middle East increasing," he said. Italy's Ambassador to India, Antonio Bartoli, also emphasized Europe's focus on diplomacy regarding Iran's nuclear program and its potential risks for Europe.
Global stability
Spain calls for strengthening international institutions like UN
Spain's Ambassador to India, Juan Antonio March Pujol, stressed the need to strengthen international institutions like the United Nations. He said instability in the Middle East could quickly spill over into Europe, citing past events like the Syrian Civil War. "Our position is clear — we are not in favor of war, we are in favor of peace," he said.