Six European Union countries on Monday called on the European Commission to lower the $60 per barrel price cap put on Russian oil by G7 countries, arguing it would reduce Moscow's revenues to continue the war in Ukraine while not causing a market shock.
Price caps on Russian seaborne crude as well as refined petroleum products were set by G7 countries to curb Moscow's revenues from oil trade and in this way limit the country's ability to finance its invasion of Ukraine.
"Measures that target revenues from the export of oil are crucial since they reduce Russia's single most important income source," Sweden, Denmark, Finland, Latvia, Lithuania and Estonia said in a letter to the EU executive arm.
"We believe now is the time to further increase the impact of our sanctions by lowering the G7 oil price cap," it said.
G7 price cap was set at $60 per barrel of Russian crude and for petroleum products at a maximum of $100 per barrel of premium-to-crude products and $45 per barrel
Price caps on Russian seaborne crude as well as refined petroleum products were set by G7 countries to curb Moscow's revenues from oil trade and in this way limit the country's ability to finance its invasion of Ukraine.
"Measures that target revenues from the export of oil are crucial since they reduce Russia's single most important income source," Sweden, Denmark, Finland, Latvia, Lithuania and Estonia said in a letter to the EU executive arm.
"We believe now is the time to further increase the impact of our sanctions by lowering the G7 oil price cap," it said.
G7 price cap was set at $60 per barrel of Russian crude and for petroleum products at a maximum of $100 per barrel of premium-to-crude products and $45 per barrel
2 months ago
