Ukraine Urges G7 to Halve Russian Oil Price Cap to $30

Ukraine has urged the Group of Seven (G7) developed economies to lower the price cap on Russian seaborne oil from the current 60 dollars per barrel to 30 dollars per barrel. This call comes as part of broader efforts to exert economic pressure on Russia due to its ongoing conflict with Ukraine. The current price cap, set at 60 dollars per barrel, was established by the G7 nations to restrict Russia's revenue from oil exports, a significant funding source for its military operations.

Ukrainian Foreign Minister Andriy Sybiha, during a visit to Brussels, emphasized that a price cap of 30 dollars per barrel is a reasonable and justified measure. This stance aligns with Ukraine's strategy to economically and politically isolate Russia, aiming to reduce its capacity to sustain military activities. The proposal is part of Ukraine's broader efforts to encourage a resolution to the conflict through increased economic pressure on Russia.

The European Union has also been actively involved in imposing sanctions on Russia. During a meeting of EU foreign ministers, the EU Council formally approved the 17th round of sanctions against Russia. These sanctions are part of a broader effort to increase pressure on Moscow and limit its economic capabilities. The EU's actions, along with those of the G7, reflect a coordinated international approach to addressing the conflict in Ukraine.

The proposal to lower the price cap on Russian oil is seen as a significant step in the ongoing efforts to curb Russia's economic influence. By reducing the price cap, the G7 aims to further limit Russia's revenue from oil exports, which could potentially weaken its ability to fund military operations and sustain its economy. This move is part of a broader strategy to pressure Russia into negotiating a resolution to the conflict, which could also lead to increased global oil exports from Russia.

The European Commission's trade commissioner has indicated that the EU will propose to the G7 finance ministers to lower the current price cap on Russian seaborne oil from 60 dollars per barrel. This proposal is part of a broader package of new sanctions against Russia, aimed at further isolating Moscow economically. The EU's actions, along with those of the G7, reflect a coordinated international effort to address the conflict in Ukraine and limit Russia's economic capabilities.