G7 may lower price ceiling for Russian oil

The G7 countries are considering a collective tightening of price caps on Russian oil.

The G7 may tighten or adapt price caps on Russian oil, enkorr reports, citing Bloomberg.

A draft statement seen by the publication shows that the G7 countries could instruct their finance ministers to collectively revise the price cap, which is currently set at $60 per barrel of crude oil.

It is not known whether all G7 countries support the document in its current form, as diplomats will continue to discuss its text.

The oil price cap was criticized when it was first implemented in December 2022, as it could easily be circumvented by Russia. But this perception changed after US sanctions imposed on January 10 finally had a significant impact on Russian oil supplies.

The G7 is scheduled to issue its final statement on February 24, the anniversary of Russia’s invasion of Ukraine.

USM previously reported that EU ambassadors agreed on the 16th package of restrictions against Russia: more than 70 vessels could be subject to sanctions.