The G7 nations are set to reduce the price ceiling for Russian oil to $45 per barrel, without Trump’s approval.

The EU and its G7 allies seek to gain the US’ consent to lower the ceiling price for Russian oil from $60 to $45 per barrel at the summit planned for June 15-17 in Canada, according to EU Special Representative for Sanctions David O’Sullivan.

“While I understand that President Trump seeks to promote peace, it is clear to anyone observing the negotiations that Mr. Putin is not interested in peace,” O’Sullivan remarked.

He indicated that initial discussions about lowering the price ceiling have taken place among G7 representatives, reaching a consensus that $45 is the “correct” level. However, he noted that the American representatives made it clear that the final verdict would come from the White House.

“We have strong backing for this from Canada and the UK, so I believe there are many who will advocate and argue for a move to $45,” the EU special representative emphasized.

Regardless, most G7 nations are prepared to back a decrease in the maximum price for Russian oil to $45, even if the US president decides against it. Despite this, the share of G7+ countries participating in the transportation of Russian oil increased from 35% in January to 54% in May 2025.