EU will not lower Russian oil price ceiling without G7 support

The proposal to limit the price of Russian oil to $45 per barrel will not be included in the new sanctions package due to the lack of unity among partners.

The EU will not make a decision to lower the maximum price for Russian oil without coordination with the Group of Seven (G7). This is reported by Evropeyska Pravda, citing sources.

According to the draft sanctions, the EU was considering the possibility of lowering the price ceiling for oil from Russia from $60 to $45 per barrel. However, as one of the diplomats emphasized, “it is obvious that at the summit in Canada the G7 will not support lowering the price ceiling,” so the EU will not promote this decision independently.

At the same time, during a meeting of the EU Permanent Representatives Committee (Coreper) on June 16, the risks of lowering the price without coordination with partners were discussed.

Recall, Ukraine called on the EU to lower the maximum price for Russian oil to $30 per barrel. The US president has also previously sought to lower global oil prices, considering this one of the ways to end Russia’s war against Ukraine.

Also, as USM wrote the day before, the Defense Intelligence discovered a hub for illegal transshipment of Russian oil in the high seas near Greece.