Ukraine urges G7 to slash Russian oil price cap to US$30 per barrel
Ukraine has commended the European Union for adopting further sanctions against Russia, but has proposed increasing the pressure on Moscow by lowering the price cap for Russian oil, above which Western companies are prohibited from providing services for its export, to US$30 per barrel.
Source: Ukrainian Foreign Minister Andrii Sybiha in Brussels, as reported by the Ukrinform news agency
Details: Sybiha also said he believes that sanctions must be imposed on Russia's banking infrastructure, including the country’s central bank.
He noted that tough measures are needed now, as it is imperative to exert pressure on Russia.
"That’s why it’s so important to have this full diplomatic mobilisation – to deter Russian aggression and restore peace," Sybiha said.
Sybiha is in Brussels to attend an EU foreign ministers' conference.
Background:
- At a meeting of the G7 finance ministers this week, the EU will propose lowering the current price cap (US$60 per barrel) on Russian seaborne oil. Reuters has reported that the EU is likely to propose a price cap of US$50 per barrel.
- On 20 May, the EU adopted its 17th sanctions package against Russia since the start of the full-scale war in Ukraine, targeting nearly 200 vessels in Moscow's shadow fleet and introducing measures to counter hybrid threats and human rights violations.
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