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Six EU countries call for lowering of G7 price cap on Russian oil

Six European Union countries 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.
On January 13, 2025, Reuters reported that six European Union countries, including Poland, Lithuania, Estonia, Latvia, Slovakia, and Finland, have urged the G7 nations to lower the price cap on Russian oil. This call for action comes in response to Russia's increased use of a shadow fleet to bypass the existing $60 per barrel cap set by the G7, the EU, and Australia. The countries argue that the current cap has not been effective in reducing Russia's oil revenues, which are funding its military operations in Ukraine. They propose that a lower cap could further restrict Russia's financial capabilities, impacting its war efforts. The proposal reflects ongoing geopolitical tensions and efforts to economically pressure Russia amidst the ongoing conflict.

Read the Full Reuters Article at:
[ https://www.reuters.com/world/europe/six-eu-countries-call-lowering-g7-price-cap-russian-oil-2025-01-13/ ]