The European Union is refusing to unilaterally lower the upper price cap on Russian oil due to a lack of support from G7 countries, sources close to the situation report
According to information obtained from diplomatic circles familiar with discussions during the EU Committee of Permanent Representatives (Coreper) meeting, the decision to significantly reduce this cap from $60 to $45 per barrel is currently under reconsideration, and backing from key allies remains uncertain. Incidentally, the proposal to include a reduction of the Russian oil price cap from $60 to $45 per barrel in the EU’s 18th package of sanctions against Russia has been underway. However, the main obstacle in this process is the positions and interests of G7 donor countries. Therefore, according to diplomats, most of these countries currently do not support such a move. It was expected that at the upcoming G7 summit in Canada, these issues would be discussed in detail and possibly agreed upon. Still, it is already clear that G7 members are unlikely to support the initiative to lower the price cap. One of the interlocutors of "European Pravda," a diplomat who wished to remain anonymous, emphasized: “It’s obvious that the G7 will not support lowering the price cap from $60 to $45 at the Canada summit.” Another diplomat supported this view, adding that at the June 16 Coreper meeting, the importance of coordinated efforts with G7 countries regarding any restrictions on Russian oil prices was highlighted. EU representatives expressed concern about the potential consequences and the inadmissibility of unilateral actions in setting price limits, emphasizing that such decisions should not contradict the positions of global partners. The diplomat also noted: “Lowering the maximum oil price by the EU is unlikely without G7 support,” highlighting the importance of a unified stance and coordination among European diplomats and world leaders. It is worth recalling that in the context of this discussion, Ukraine is actively calling for more radical measures in the field of price policy — specifically, requesting to lower the upper price cap on Russian oil to $30 per barrel. At the same time, efforts by the United States, including former President Donald Trump, who previously expressed a desire to reduce global oil prices, oppose this. According to him, such a move could help end Russia’s full-scale invasion of Ukraine and stabilize the global energy market. Overall, the situation remains tense and demands careful balancing by European diplomats and leaders between internal interests, international commitments, and Ukraine’s demands for harsher sanctions against Russia.