EU considering lowering “price ceiling” for Russian oil to $45, but no decision yet

The European Commission, together with key EU member states, is pushing for a reduction in the export price cap for Russian oil from $60 to $45 per barrel.

This is reported by the “European Truth”with reference to the FT.

The idea of ​​lowering the price cap is being discussed as part of the EU’s 18th sanctions package. However, it currently lacks sufficient support among all 27 EU countries, as well as among G7 partners.

At a meeting of G7 finance ministers last week, Canada proposed to clearly state in a statement its intention to tighten restrictions on the price of Russian oil. The initiative was supported by France, Germany, Italy, the UK and EU representatives. However, due to the position of US Treasury Secretary Scott Bessant, this wording was not included in the final text.

Instead, the G7 final statement noted that the countries would continue to “explore all possible options, including maximum pressure,” including by increasing sanctions if a ceasefire agreement is not reached.

In addition, within the EU, the idea of ​​limiting the price of oil is still being discussed by some countries that previously opposed it, including Hungary and Greece.

USM previously reported that the Finnish Foreign Ministry is proposing to lower the price ceiling for Russian oil to $40/barrel.