The European Commission has confirmed that the G7 is discussing lowering the price cap on Russian oil, and this idea is supported not only by the EU but also by other "Group of Seven" partners, said European Commission spokeswoman Paula Piño on Monday, writes UNN.
I can confirm that this was discussed in the context of the G7 finance ministers' meeting. And, as far as I understand, it was raised not only by the EU itself, but also by other G7 partners, which is a good sign. This means that others are also considering this possibility. And, of course, it should be any restriction that is lower than the current restriction, which is currently $60 per barrel,"
When asked whether this support concerns the US, because nothing has been heard from Washington so far, the European Commission spokeswoman said: "I have no details as to which countries supported the lowering of the price cap, I know that there were other G7 members who supported it." And regarding the level to which it is proposed to lower the current price cap, whether it was $50 per barrel, Piño indicated that she "did not say exactly what the price cap is, because she does not actually know what the proposed cap was", but it is lower than the current one.
"Only when we have a proposal on the table will we be able to see exactly what the new lower price cap will be," she said.
Earlier
It was reported that the European Commission will propose to lower the price cap on Russian oil to $50.
It was also reported that as part of the new 18th package of EU sanctions against Russia under discussion, the European Commission plans to propose lowering the oil price cap for the "Group of Seven" countries to approximately $45.
This move will likely require support from the United States. The price cap, which prohibits service providers from G7 from transporting and selling oil sold above the cap, is currently set at $60. G7 finance ministers failed to reach an agreement on lowering the price cap at a meeting in Banff, Canada, this week, Bloomberg noted.