G7 and EU Discuss Lifting Price Cap on Russian Oil

According to Reuters, discussions are focused on modifying the current mechanism that stipulates Russian oil cannot be sold for more than $60 per barrel. This cap has been in place since the end of 2022 as part of Western sanctions imposed against Russia.

Sources indicate that G7 and EU members are assessing whether it might be more effective to abandon the price hike and instead impose a complete ban on the maritime transport of Russian oil, thereby increasing pressure on Moscow.

Discussions are ongoing, and no final decision has been reached at this stage.