EU expected to push G7 for $50 price cap on Russian seaborne oil

EU plans to propose lowering the current $60 per barrel price cap on Russian seaborne oil at the upcoming G7 finance ministers’ meeting, as part of a new sanctions package targeting Moscow, European Economic Commissioner Valdis Dombrovskis confirmed.

“This is something which we flagged from the Commission's side in the context of the 18th sanctions package. I would expect some interest also from other G7 partners in this regard and some discussion,” Caliber.Az quotes Dombrovskis as saying per foreign media.

When asked if he would formally present the proposal during the meeting in Canada this week, he replied, “Yes.”

Although Dombrovskis did not specify the exact level to which the price cap would be lowered, EU officials familiar with the discussions indicated the bloc would suggest reducing it to $50 per barrel.

By Aghakazim Guliyev