EU Will Not Lower Russian Oil Price Cap Without G7 Support — Media Report

The European Union has decided not to reduce the price ceiling for Russian oil from $60 to $45 per barrel, citing the Group of Seven’s unwillingness to follow suit as the primary reason.

This was reported in “European Truth” concerning its sources.

European Commission President Ursula von der Leyen stated that the decision to lower the price ceiling for Russian oil should be made jointly with the G7 and will be discussed at the upcoming G7 summit in Canada.

“It is clear that at the summit in Canada, the G7 will not support lowering the price ceiling from $60 to $45 per barrel. In that case, the EU will not include this measure in the 18th sanctions package,” said a source from European Truth.

Another source from the European Parliament noted that during a meeting of the Permanent Representatives Committee in Brussels on Monday, June 16, the importance of EU coordination with the G7 on limiting the price of Russian oil was emphasized. Representatives of member states expressed concerns about lowering the maximum price.

“A unilateral reduction of the oil price ceiling by the EU is unlikely,” the EP source added.

As a reminder, the European Union has approved the 17th package of sanctions against Russia, which imposes restrictions on almost 200 ships of its shadow fleet. The new restrictions are also aimed at countering hybrid threats from Russia and protecting human rights.

Subsequently, the United Kingdom announced the expansion of the sanctions list against Russia. In particular, more than 100 new sanctions targets were added.

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