EU Pushes for Lower Price Cap on Russian Oil Amid New Sanctions

The European Union is set to propose a reduction in the price cap on Russian seaborne oil to the G7 finance ministers, from the current $60 per barrel. This measure is part of a new sanctions package against Moscow, according to European Economic Commissioner Valdis Dombrovskis.

Dombrovskis highlighted the proposal from the European Commission during the announcement of the 18th sanctions package. Some G7 partners are expected to show interest in this move, leading to discussions on the topic.

Although Dombrovskis did not specify the new cap level, EU officials well-versed in the discussions revealed that the EU is considering proposing a $50 per barrel limit.

(With inputs from agencies.)