Six EU Countries Urge Lower G7 Price Cap on Russian Oil from $60 per Barrel Amid Brent Crude at $79.98

Jan 13, 2025, 10:24 AM

Six European Union countries—Sweden, Denmark, Finland, Latvia, Lithuania, and Estonia—have called for a reduction in the Group of Seven's (G7) price cap on Russian oil, according to a document released to the European Commission. The current price cap, set by the G7 nations at $60 per barrel since 2022, aims to limit the revenue Russia can earn from its oil exports. The initiative to lower the cap is driven by the need to further restrict Russia's primary income source amidst its ongoing conflict in Ukraine. The call for a lower price cap comes as Brent crude oil prices have recently pared gains to 1%, now standing at $79.98 per barrel.