BRUSSELS (Reuters) – Six European Union (EU) member countries have asked the European Commission to lower the $60 per barrel cap imposed on Russian oil by G7 countries, saying it would reduce Moscow’s revenues while avoiding a shock to the market.
“Measures that target oil export revenues are crucial as they reduce Russia’s most important source of revenue,” said Sweden, Denmark, Finland, Latvia, Lithuania and Russia. Estonia in a letter to the EU executive body.
“We believe that the time has come to strengthen the impact of our sanctions by lowering the oil price ceiling set by the G7,” they indicate.
G7 countries have set caps on Russian maritime crude oil and refined petroleum products to reduce Moscow’s revenue from oil trade and thereby limit its ability to finance its war against Ukraine.
The G7 price cap was set at $60 per barrel of Russian crude and, for oil products, a maximum of $100 per barrel of higher-grade crude and $45 per barrel of lower-grade products. to the gross.
These caps have not changed since December 2022 and February 2023, when they were introduced, while Russian crude market prices were below this level on average in 2023 and 2024.
“The international oil market is better supplied today than in 2022, reducing the risk that a lower price cap will cause a supply shock,” the letter said.
“Given its limited storage capacity and overreliance on energy exports for revenue, Russia has no choice but to continue exporting oil, even at a significantly lower price. lower,” said the six countries in the letter.
(Reporting by Jan Strupczewski, French version by Mara Vîlcu, edited by Kate Entringer)
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