Oil pressure is rising: EU anticipates G7 support for lowering the price cap on Russia.

The EU plans to lower the price of Russian oil

The European Union hopes for the support of G7 countries in the matter of lowering the price cap on Russian oil in order to increase economic pressure on Russia. This statement was made by the chief spokesperson of the European Commission at a briefing in Brussels.

As we have done up to this point... regarding the price cap on crude oil, the idea is that we can coordinate our actions with the G7, with our international partners.

The EU plans to work together with other countries to further lower the price of Russian oil, currently set at $60 per barrel. The main goal of this initiative is to reduce the revenues that Russia receives from oil exports.

The logic is to further reduce this price to cut the revenues that are still flowing into the Russian treasury from oil sales.

Earlier, European Commission President Ursula von der Leyen also mentioned the possibility of including further reductions of the price cap on oil in a new package of EU sanctions against Russia. These measures aim to increase pressure on Russian President Vladimir Putin.

Donald Trump also expressed his intention to achieve a reduction in global oil prices, hoping that this would contribute to the end of Russia's invasion of Ukraine.

Analysis

The European Union is actively seeking ways to intensify pressure on Russia through economic measures, particularly by lowering the price of Russian oil. Cooperation with G7 countries and other international partners on this issue indicates the EU's intentions to strengthen financial pressure on the Russian government. Future measures to lower oil prices may have a significant impact on Russia's economy and its budget.