EU likely to propose to G7 to lower price cap on Russian oil to $50 per barrel

BRUSSELS: The European Union will propose to G7 finance ministers this week to lower the current $60 per barrel price cap on Russian seaborne oil as part of the new sanctions package against Moscow, European Economic Commissioner Valdis Dombrovskis said.

“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,” Dombrovskis told reporters on Monday.

Russia’s oil price in roubles at two-year low, 40% below budgeted level, data shows

Asked if he would make the proposal at the G7 finance ministers’ meeting in Canada this week, he said: “Yes.”

Dombrovskis did not mention the level to which the EU would want the price cap lowered, but EU officials briefed on thediscussions said the EU would propose $50 per barrel.