"Lower the price ceiling for Russian oil" - 6 EU countries call for stronger sanctions against the Kremlin
Six European Union countries asked the European Commission to lower the $60 per barrel price cap set for Russian oil by the G7 countries.
The price caps on Russian crude oil and refined petroleum products were imposed by the G7 to curb Moscow's oil trade revenues and thereby prevent its invasion of Ukraine.
"Measures targeting oil export revenues are essential as they reduce Russia's single most important source of revenue," Sweden, Denmark, Finland, Latvia, Lithuania and Estonia said in a letter to the EU's executive arm. "Now is the time to further increase the impact of our sanctions by lowering the oil price ceiling," the document said.
The G7 price ceiling was set at $60 per barrel for Russian crude oil and $100 per barrel for premium products.
According to official Ukrainian sources, "energy exports are the main source of war financing for the Kremlin. The higher the price of oil, the greater the number of weapons and aggressive intentions in Russia."
Maximum border prices have not changed since December 2022, while those of Russian crude oil on the market were below that 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 ceiling would cause a supply shock," the letter from the six EU member states said.
According to these states, "given its heavy dependence on energy exports for revenue, Russia has no alternative but to continue oil exports even at a much lower price," the letter said.
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