EconomyEnergyPolitics Six European international locations have known as on the G7 to decrease the Russian oil value ceiling. Tuesday, January 14, 2025

Six EU international locations have known as on the European Fee to decrease the worth ceiling for Russian oil that has been set by the G7 international locations. Measures geared toward decreasing oil export revenues are essential as a result of they cut back Russia’s single most vital supply of earnings from which the struggle is financed, in response to a joint letter from Sweden, Denmark, Finland, Latvia, Lithuania, and Estonia. The value ceiling for the G7 international locations was set at $60 per barrel for Russian crude oil and petroleum merchandise – at a most of $100 per barrel for premium petroleum merchandise and $45 per barrel for different petroleum merchandise. These most costs haven’t modified since they have been launched in December 2022 and February 2023, whereas Russian crude oil costs available on the market have been, on common, beneath this stage in 2023 and 2024. In flip, the Ukrainian McFaul-Yermak Sanctions Group believes that the EU and the G7 ought to set a value threshold for Russian oil at $30 per barrel.