The G7 summit’s participants will discuss lowering the Russian oil price cap to $30.

Among the topics on the table at the G7 summit, which will take place from June 15 to 17 in Canada, is a proposed price ceiling for Russian oil at $30 per barrel, according to Olexander Khara, an expert at the Center for Defense Strategies.

“We expect more pressure on Russia. Foreign Minister Andriy Sybiha spoke about $30 per barrel as a new price ceiling (today it is $60). I do not know whether the G7 will agree to this, but it is interesting that among the invitees is also the crown prince of Saudi Arabia, Mohammed bin Salman. He is the person who can easily increase oil production and thus, even without agreements on a significant price reduction, lower it,” Khara noted.

Khara concedes that it is unlikely the price ceiling will be halved, but even a small reduction would benefit Ukraine. In that case, the Russians would have to utilize their financial cushion more intensively.

Meanwhile, the head of the EU foreign policy service, Kaja Kallas, indicated that the EU could independently lower the price ceiling even if the US opposes it.