The European Union intends to propose to the G7 countries, within the framework of the 18th sanctions package, to reduce the cap on Russian oil prices. This was announced by European Commissioner for Economy Valdis Dombrovskis. He did not specify the exact amount of the reduction but noted that the proposal could involve lowering the price from the current $60 to $50 per barrel.
This is reported by Business • Media
Dombrovskis also added that he plans to officially present this initiative at the G7 finance ministers’ meeting taking place this week. Meanwhile, Finland’s Foreign Minister Elina Valtonen believes that sanctions against Russia, which continues its war in Ukraine, need to be strengthened, particularly by lowering the cap on Russian oil prices even to $40 per barrel. She pointed out that the market price of oil has decreased in recent weeks, so the cap price should be reviewed.
“At the moment, we are waiting to see what the position of the United States will be: whether they want to tighten restrictions against Russia or not,” said the minister.
According to German government spokesman Stefan Cornelius, the EU has already begun preparing the 18th sanctions package against Russia in cooperation with the United States. The German government supports sanctions related to the Nord Stream pipeline.