Britain asks the G7 to cut the price cap on Russian oil.

The UK has urged its G7 allies to lower the price ceiling for Russian oil to further pressure Vladimir Putin to end the war in Ukraine. This issue was a priority for discussion at the G7 finance ministers’ meeting held in Banff, Canada, from May 20-22. The EU believes that energy market measures, particularly lowering the price ceiling for Russian oil, can be most effective in applying pressure on Russia.

“I believe that the most important thing for the upcoming, 18th, package of EU sanctions is to lower the price ceiling for oil for Russia,” said EU foreign policy chief Kaia Kallas.

It’s worth noting that OPEC+ is discussing another increase in oil production scheduled for July. If production is increased for the third consecutive time, it could reach 411,000 barrels per day. The decision will be made at a meeting on June 1. Following the previous two decisions, oil prices fell to $63 per barrel.

A further decline in oil prices could potentially reduce Russia’s oil revenue, thereby weakening the Russian military machine and creating additional economic pressure on the aggressor.