Brussels is seeking to hit Moscow with more substantial measures, including lowering a $60 per barrel price cap on crude oil exports to $45 per barrel, according to people briefed on initial discussions on the EU’s 18th sanctions package in response to Russia’s full-scale invasion of Ukraine, APA reports citing Financial Times.
"But the idea has yet to convince all the EU’s 27 member states and its G7 partners. At a gathering of G7 finance ministers last week in Banff, rotating chair Canada suggested including explicit language on tightening the oil price cap in the joint statement. The motion was supported by the EU and its G7 members France, Germany and Italy as well as the UK, but was not included at the request of US treasury secretary Scott Bessent, according to three officials briefed on the meeting. The US Treasury declined to comment," FT wrote.
The final communiqué settled for language that committed G7 nations to “continue to explore all possible options, including options to maximize pressure such as further ramping up sanctions” in case no ceasefire is agreed.
Separately, EU countries that were previously reluctant to embrace the oil price cap idea, such as Hungary and Greece, are still evaluating the proposal, officials said.
“We are ready to apply more pressure from Russia on the European side and we’re hoping other partners will be ready to follow,” commission spokesperson Anitta Hipper said yesterday.
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