LONDON: The European Union will propose to the G7 finance ministers to lower the current $60 per barrel price cap on seaborne Russian oil...
LONDON: The European Union will propose to the G7 finance ministers to lower the current $60 per barrel price cap on seaborne Russian oil to $50 per barrel, Reuters reported, citing European Commissioner for Economic Affairs Valdis Dombrovskis.
"This is something which we flagged from the Commission's side in the context of the 18th sanctions package [of anti-Russian sanctions]. I would expect some interest also from other G7 partners in this regard and some discussion," he said.
Dombrovskis explained that he intends to put forward this proposal at a meeting of G7 finance ministers in Canada this week.
On May 15, Finnish Foreign Minister Elina Valtonen announced that the EU, which is currently adopting the 17th package of sanctions against Russia, will immediately begin work on a new package of restrictions.
On December 5, 2022, the EU embargo on seaborne oil supplies from Russia came into force. The G7 countries, the EU and Australia introduced a price cap on Russian seaborne oil at $60 per barrel for their subordinate vessels and territories. From February 5, 2023, similar restrictions came into effect on the import of petroleum products from Russia.
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