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G7 Oil Price Cap at the Heart of New Sanction Debate

When the European Commission started briefing EU states last month on the next sanctions package expected to be imposed on Russia, the 27 member nations expected concrete written proposals to follow. They’re still waiting.

Normally these sorts of documents — in this case the potential 18th round of restrictive measures since the Kremlin’s full-scale invasion of Ukraine was launched more three years ago — are provided only a few days after the briefings, or “confessionals” as they are known in Brussels.

G7 Weighing Tightening Russian Oil Price Cap

The Group of Seven is considering collectively tightening an oil price cap on Russian petroleum in an effort to cut Moscow’s oil revenues as the war in Ukraine rages on, Bloomberg has revealed. A draft statement seen by Bloomberg shows that these nations could task their finance ministers to collectively redraw the price limit–currently set at $60 a barrel for Russian crude.