The European Union (EU) is reportedly planning to propose to the G7 countries a reduction in the price cap for Russian oil to $45 per barrel.
This information comes from Bloomberg, citing sources familiar with the matter. As part of a new sanctions package, the EU may also disconnect 20 additional Russian banks from SWIFT.
Currently, the European Commission is consulting with EU countries regarding the proposed restrictions.
In 2022, the G7 countries, the EU, and Australia set a price cap for Russian oil at $60 per barrel. They also banned the supply of fuel from Russia by sea.
Recently, the 17th package of European sanctions was approved, targeting 189 ships allegedly used to transport Russian oil. Reuters reported that the EU was considering lowering the price cap for Russian oil delivered by sea from $60 to $50 per barrel.