The EU has proposed lowering the Russian oil price cap by another $15, but the US is blocking the initiative.

The European Commission and leading EU countries support lowering the price ceiling for Russian oil from $60 to $45 per barrel as part of a new sanctions package against Russia. Sources familiar with the discussions of the 18th EU sanctions package said that the proposal is backed by France, Germany, Italy, and Britain, which is not part of the EU.

However, not all EU countries and G7 partners are prepared to support such a measure. At a meeting of G7 finance ministers in Canada, which is currently chairing the group, it was proposed to include a clause on lowering the price ceiling in the final statement. However, according to sources the initiative was blocked by US Treasury Secretary Scott Bessent. In the final communiqué, the G7 only promised to “explore all possible options for increasing pressure” if Russia refuses to agree to a ceasefire.

Some EU countries that were previously skeptical of oil price caps, including Hungary and Greece, continue to evaluate the initiative. Thus, discussions on a new sanctions package are ongoing.