The European Union countries, along with their G7 partners, plan to discuss the issue of lowering the price cap on Russian oil during the summit taking place in Canada from June 15 to 17. On the agenda is a reduction of the price cap from the current $60 to $45 per barrel. This was announced by the EU’s special representative for sanctions, David O’Sullivan.
This is reported by Бізнес • Медіа
Positions of G7 Participants on Price Restrictions
According to O’Sullivan, initial consultations have already taken place among G7 countries, during which a certain consensus was reached regarding the advisability of establishing a new cap at $45 per barrel. However, as he emphasized, the final decision depends on the position of the White House. The American side has not yet provided final approval for the initiative.
“All arguments in favor of tightening sanctions, lowering the price cap on oil, and maintaining pressure on Russia are justified by how Russia has behaved during the so-called peace negotiations. I understand that President Trump wants to promote peace. At the same time, for anyone who has been following the negotiations, it is clear that Mr. Putin does not want peace,” O’Sullivan noted.
Canada and the United Kingdom have already expressed their joint support for the proposal. O’Sullivan emphasized that many participants in the negotiations are ready to actively advocate for the need to transition to a stricter pricing policy regarding Russian oil.
Potential Price Reduction – Even Without U.S. Support
According to media reports, most G7 countries are prepared to support a reduction of the price cap on oil from Russia to $45 per barrel even if U.S. President Donald Trump rejects this initiative. At the same time, despite the imposed sanctions, the share of G7+ countries in transporting Russian oil has significantly increased: from 35% in January 2025, it reached 54% by May. Conversely, the share of so-called “shadow” tankers used to circumvent sanctions has decreased from 65% to 46%.