The European Commission, along with several leading countries of the European Union, has initiated a proposal to lower the price cap on Russian oil from the current $60 to $45 per barrel. This move is being considered as part of the new, 18th sanctions package against the Russian Federation.
This is reported by Business • Media
Position of European countries and G7 response
According to available information, the proposal to strengthen sanctions is actively supported by France, Germany, and Italy, as well as the United Kingdom, which is not an EU member but remains a key partner. However, there is a divergence of positions among EU members and G7 countries on this issue.
During the G7 finance ministers’ meeting held in Canada, representatives from some states insisted on including the issue of lowering the price cap in the final document. However, the initiative did not receive support from U.S. Treasury Secretary Scott Bessent. In the final communiqué, the G7 only noted its intention to
“explore all possible options for increasing pressure,”
if Russia refuses to cease hostilities.
Further discussions among EU countries
Some EU member states, including Hungary and Greece, which had previously expressed skepticism about the effectiveness of capping oil prices, are currently continuing to assess the proposed initiative. Thus, negotiations regarding the final formulation of the new sanctions package against Russia are ongoing.