Ukraine urges G7 to slash price cap on Russian oil by 50%
Photo: Andrii Sybiha, Foreign Minister of Ukraine (Vitalii Nosach, RBC-Ukraine)
The price ceiling for Russian oil is now $60. The Group of Seven countries need to cut it in half, Ukrainian Foreign Minister Andrii Sybiha says.
"The oil price cap, from our point of view, our position (is the) reasonable price cap (is) 30 dollars," Sybiha said.
The UK and the EU have already promised that they will also work to reduce the price ceiling for Russian oil.
Price ceiling for Russian oil
Earlier, the Group of Seven set the price ceiling for Russian oil at $60 per barrel.
Yesterday, on May 19, European Commissioner for Economic Affairs Valdis Dombrovskis promised that the bloc would propose to G7 finance ministers this week to lower the price ceiling for Russian oil.
Dombrovskis did not specify to what level the price ceiling is to be reduced. But, according to Reuters sources, it is about $50 per barrel.
Earlier, the head of the Ukrainian President's Office, Andrii Yermak, said that a price ceiling for Russian oil of $30 per barrel would cripple Russia's ability to finance the war.
