The G7 will review the EU’s proposal for a Russian oil price limit of $51.5 per barrel.

In March, the Big Seven countries and the EU will review the price threshold for Russian oil set in December. According to Bloomberg, representatives of Poland, Lithuania, and Latvia propose to reduce it from the current $60 per barrel to $51.45. Given that Russia’s revenues from oil sales in January amounted to $13B, a reduction in the maximum sales price would reduce Russia’s revenue by $650M. However, reducing the price ceiling may not be guaranteed, as all EU countries must approve it. Currently, restrictions on sea supplies of Russian oil and oil products are set at the following levels: oil at $60 per barrel, diesel, and other expensive oil products at $100, and fuel oil and other cheap oil products at $45. The coalition members agreed to review the limit every month to ensure that the ceiling would be 5% lower than the average market price for the Russian resource.