The EU will not lower the price ceiling for Russian oil without G7 support.

The bloc will not independently reduce the price ceiling for Russian oil from $60 to $45 per barrel, as this initiative is unlikely to gain support from the G7 countries. The proposal to lower the price ceiling was previously included in the draft of the 18th package of EU sanctions against Russia. European Commission President Ursula von der Leyen has stated that this decision must be made jointly with G7 partners and will be discussed at the group’s summit in Canada. If the G7 does not support lowering the price ceiling, the EU will not include this measure in the 18th package.

However, the EC will propose banning all new contracts for the supply of Russian gas under trade law. This measure will allow them to bypass a possible veto from Hungary and Slovakia. If passed, companies would be banned from entering into new contracts for the supply of Russian gas, effective immediately. Short-term contracts for the import of pipeline and liquefied gas from Russia are set to expire by 2026, while long-term contracts will remain in effect until the end of 2027. Exceptions will be proposed for Hungary and Slovakia, which import Russian gas.