The EU has proposed lowering the price ceiling for Russian oil to $45 per barrel.

The European Commission and the EU's "most influential" member states are calling for a reduction in the price cap on Russian crude oil from $60 to $45 per barrel, the Financial Times reports, citing sources familiar with the preparation of the 18th sanctions package against Moscow.

Last week, I wrote about the EU proposing to G7 countries to set a price ceiling at this level.BLOOMBERG .

It's unclear whether all G7 members will approve the measure, the FT notes. Last week, at a meeting of G7 finance ministers, CANADA, which currently holds the rotating presidency, proposed including "clear language" in a joint statement on tightening the price cap. France , Germany , and Italy expressed support , but at the request of US Finance Minister Scott Bessent, they were not included in the document, three sources told the newspaper.

According to the final version of the communiqué, the G7 countries will continue to "examine all possible options, including maximum pressure options, such as further tightening of sanctions," if RUSSIA and Ukraine do not agree to a ceasefire.

There's no unanimous decision yet on lowering the oil price cap within the EU itself, the FT notes. Hungary and Greece, which had previously been "reluctant" to embrace such ideas, are still evaluating the proposal.

The G7, the EU, and Australia introduced a price cap on Russian oil in December 2022. The cap was later expanded to include petroleum products depending on their type: $100 per barrel for diesel (sold at a premium compared to crude oil) and $45 per barrel for fuel oil, which is sold at a discount.

Russian authorities consider the sanctions illegal. In response, Moscow imposed a ban on the EXPORT of oil and petroleum products from Russia under contracts with price caps. The decree has been extended several times, most recently until June 30.

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