US 'not convinced' price cap on Russian oil should be lowered – Reuters
Photo: The United States is "not convinced" of the need to reduce the price cap on Russian oil (Getty Images)
The United States is "not convinced" that there is a need to lower the price cap on Russian oil set by the G7 countries to $50 per barrel, Reuters reports.
As an American official told the agency, the US Treasury delegation believes that oil prices are already declining and are causing damage to the Russian economy.
At the same time, the US remains open to further discussions on the issue.
The US Treasury has not yet provided Reuters with a comment on this issue.
Lower price cap on Russian oil
The price cap on Russian oil was introduced by the European Union and G7 nations in December 2022. It currently stands at $60 per barrel.
This week, reports suggested that the EU will propose to G7 finance ministers lowering the cap to $50 per barrel as part of a new sanctions package against Russia.
The UK has also urged its G7 allies to lower the price cap further, arguing that the move is necessary to increase pressure on Vladimir Putin and push for an end to Russia’s war in Ukraine.
Meanwhile, Ukraine has called for a more drastic measure, proposing a $30 per barrel cap on Russian oil.
