The EU will propose to the finance ministers of the G7 countries to reduce the current limit on the price of Russian oil. UNN reports with reference to Reuters.
Details
European Commissioner for Economy Valdis Dombrovskis answered "Yes" to a media question about whether he would propose lowering the limit on Russian oil. The answer was in the wings of the meeting of G7 finance ministers in Canada this week.
This is what we paid attention to from the Commission in the context of the 18th package of sanctions. I expect some interest from other G7 partners in this regard and some discussion as well
The official did not name the level to which the European Union would like to lower the price ceiling. But EU officials informed about the negotiations:
The EU will offer 50 dollars per barrel.
Reference
The G7 price restrictions were agreed in December 2022. They prohibit the trade of Russian crude oil transported by tankers if the price exceeds $60 per barrel. It also includes a ban on shipping, insurance and reinsurance companies from handling shipments of Russian crude oil worldwide unless it is sold at a price below the price limit.
It should be noted that at the beginning of April 2025, the oil price fell below 60 dollars. This was influenced, among other things, by global concern about economic growth following US announcements of global customs tariffs.
Let us remind
UNN reported that prices for Russian oil have been falling for weeks, bringing the value of exports closer to a two-year minimum.
Oil prices fell due to the lowering of the US rating by Moody's agency and data on the slowdown of Chinese industry.