Six European countries have called on the G7 to lower the Russian oil price ceiling.
Six EU countries have called on the European Commission to lower the price ceiling for Russian oil that has been set by the G7 countries. Measures aimed at reducing oil export revenues are crucial because they reduce Russia’s single most important source of income from which the war is financed, according to a joint letter from Sweden, Denmark, Finland, Latvia, Lithuania, and Estonia.
The price ceiling for the G7 countries was set at $60 per barrel for Russian crude oil and petroleum products – at a maximum of $100 per barrel for premium petroleum products and $45 per barrel for other petroleum products. These maximum prices have not changed since they were introduced in December 2022 and February 2023, while Russian crude oil prices on the market were, on average, below this level in 2023 and 2024.
In turn, the Ukrainian McFaul-Yermak Sanctions Group believes that the EU and the G7 should set a price threshold for Russian oil at $30 per barrel.