The European Union intends to propose to the G7 countries, as part of the 18th sanctions package, a reduction in the price cap on Russian oil. This was announced by European Commissioner for Economy Valdis Dombrovskis. Although the details of the proposal have not been specified, there is consideration of lowering the price from the current $60 to $50 per barrel.
This is reported by Finway
Dombrovskis noted that this proposal will be officially presented at the G7 finance ministers’ meeting scheduled for this week. Additionally, Finland’s Foreign Minister Elina Valtonen emphasized the importance of strengthening sanctions against the Russian Federation, which continues its aggression in Ukraine. She believes that the price cap on Russian oil could be lowered even to $40 per barrel, considering the recent decline in market oil prices.
“Currently, we are waiting to see what the position of the United States will be: whether they want to tighten restrictions against the Russian Federation or not.”
According to German government spokesman Stefan Cornelius, the EU has already begun preparations for the 18th sanctions package against the Russian Federation in cooperation with the United States. The German government supports the implementation of sanctions related to the Nord Stream pipeline.