During the summit in Canada from June 15-17, G7 leaders, along with the European Union, plan to discuss the possibility of lowering the price cap on Russian oil from the current $60 to $45 per barrel. This issue will be one of the key points on the agenda, as participants seek to intensify sanctions against the Russian Federation and limit its ability to finance the war.
This is reported by Finway
G7 Seeks Consensus on New Price
According to the EU’s special representative for sanctions, David O’Sullivan, preliminary consultations have already taken place among G7 countries, resulting in a certain consensus regarding the level of $45 per barrel as the “correct” new price cap. However, the final decision still depends on the position of the United States, and it is the U.S. administration that must make the final response to this proposal.
“All arguments in favor of strengthening sanctions, lowering the oil price cap, and maintaining pressure on Russia are justified by how Russia has behaved during the so-called peace negotiations. I understand that President Trump wants to promote peace. At the same time, to anyone who has been following the negotiations, it is clear that Mr. Putin does not want peace,” O’Sullivan noted.
Most G7 Countries Ready to Act Even Without U.S. Support
According to Reuters, most G7 nations are already inclined to support the reduction of the price cap on oil from Russia to $45, even if U.S. President Donald Trump refuses to back this initiative. Canada and the United Kingdom are actively advocating for the adoption of a new cap, aiming to strengthen economic pressure on Russia.
Meanwhile, according to the latest data from analysts, the share of G7+ countries in the transportation of Russian oil has increased from 35% in January to 54% in May 2025, while the share of “shadow” tankers transporting oil from Russia has decreased from 65% to 46%. This indicates a change in the structure of Russian oil exports amid increasing international sanctions.