The G7 countries and their partners, including the USA, Canada, Japan, Australia, and all 27 member states of the European Union, have already implemented a price cap on Russian crude oil at $60 per barrel, which has been in effect since December 2022, along with the EU embargo on maritime supplies of this raw material.
This is reported by Business • Media
G7 Plan for Price Caps on Russian Oil Products
Starting from February 5, 2026, the coalition plans to establish price caps for Russian oil products, such as diesel fuel, kerosene, and fuel oil. Determining the price ceiling for these products is more complex due to the variety of types and the price dependence on the sales location. In this regard, the G7 is considering the option of introducing two separate limits:
- For oil products sold at a premium to crude oil (specifically, diesel and kerosene).
- For products sold at a discount relative to crude oil (for example, fuel oil).
The main goal of these restrictions is to reduce Moscow’s revenues from energy resource exports while avoiding destabilization of the global market and price increases for consumers. The situation is particularly acute for Europe, which remains dependent on Russian diesel fuel. Last month, the share of Russian diesel in the total import of this type of fuel to Europe was about 50%.
Reduction of Russian Revenues and EU Countries’ Initiative on Tariffs
As of the end of ten months of the current year, Russian budget revenues from oil and gas have fallen by 21.4% compared to the same period last year, amounting to ₽2 trillion — down to ₽7.5 trillion ($92.4 billion). In October 2025, oil and gas revenues for the Kremlin decreased by 27%, totaling ₽888.6 billion, which is ₽321 billion less than in October of the previous year.
“Seven EU countries (Estonia, Finland, Germany, Latvia, Lithuania, Poland, and Sweden) have urged the European Commission to impose tariffs on Russian goods to limit funding for the war against Ukraine. In particular, they propose to impose tariffs on Russian iron and steel, inorganic chemicals, and potassium fertilizers.”
In the past year alone, the export of these goods provided Moscow with approximately €5.4 billion in revenue. The proposed measures aim to strengthen economic pressure on Russia and reduce resources for continuing aggression against Ukraine.