Bloomberg Finds Out Who in the G7 Is Against Lowering the Price Cap on Russian Oil

The United States opposes the proposal of the G7 countries to lower the price ceiling for Russian oil, Bloomberg reports, citing sources.

European countries hope that the organization will be able to agree on a price ceiling reduction at its summit in Canada, the agency notes. The UK and the EU could consider lowering the price ceiling on Russian oil without the US, but it would not be as effective as if the move was approved unanimously by all G7 members, one of the sources told the publication.

The U.S. has not yet made a final decision, which is up to President Donald Trump, officials say. That's why other G7 members are not ruling out a change of heart.

The G7 summit in Canada will be held from June 15 to 17. In addition to the United States, the organization includes this country, as well as  France , Great Britain, Germany , Japan and  Italy .

The G7 countries introduced a price cap on oil prices in December 2022. In February 2023, restrictions on petroleum products also came into effect: $100 per barrel for diesel fuel (since it is sold at a premium compared to crude oil) and $45 per barrel for fuel oil, which is sold at a discount. Companies from G7 countries are prohibited from providing transportation and insurance services for Russian oil and petroleum products if they are sold at a price higher than the limit.

Russia introduced retaliatory measures on February 1, 2023, and they have been extended several times. Exports of oil and oil products from Russia under contracts whose terms comply with the oil price ceiling set by the G7 were banned. On June 10, Russian President Vladimir Putin extended  the ban until the end of 2025.

The European Commission has proposed to the G7 countries to lower the price ceiling for Russian crude oil from $60 to $45 per barrel as part of the 18th sanctions package. Russia considers the restrictions illegal.

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