According to the Financial Times, the European Commission and the most influential EU member states are actively seeking to lower the upper limit on the price of Russian oil from $60 to $45. It is important to understand that this is exactly the scenario that Ukraine proposed to increase sanctions pressure on the Russian Federation.
Points of attention
- Despite differing opinions within the EU and the G7, the commitment remains to explore all options, including the possibility of further sanctions against Russia if a ceasefire agreement is not reached.
- Hungary, Slovakia, and Greece could potentially impede the EU's plan to lower the price limit for Russian oil exports, highlighting internal divisions within the bloc.
What did the European Union plan?
As journalists managed to find out, the bloc's countries intend to take serious measures against Russia, in particular, to lower the price limit for crude oil exports from $60 to $45 per barrel.
The main problem is that this idea has not yet convinced all 27 EU member states and their G7 partners.
During the G7 finance ministers' talks last week, Canada proposed including clear language in the joint statement on strengthening the oil price cap.
The proposal was supported by the EU and G7 members France, Germany and Italy, as well as the United Kingdom. But it was not included at the request of U.S. Treasury Secretary Scott Bessant, according to three officials familiar with the meeting.
It was decided to include wording in the final statement that obliges the G7 countries to continue to explore all possible options, including options for maximum pressure, such as further strengthening of sanctions, if a ceasefire agreement is not reached.
Hungary, Slovakia, and Greece may become obstacles to this decision.
