Reuters: G7 Countries Are Ready To Lower The Ceiling Price For Russian Oil

Even without U.S. support.

Most G7 countries are ready to lower the limit on the price of Russian oil even without the support of the United States.

This was reported by Reuters.

Four sources familiar with the matter said most G7 countries are ready to lower the G7 price cap on Russian oil on their own, even if U.S. President Donald Trump decides against it.

Note that G7 leaders are due to meet June 15-17 in Canada to discuss the price cap, which was first agreed at the end of 2022.

The cap was designed to allow Russian oil to be sold to third countries through Western insurance services, provided the price does not exceed $60 a barrel.

For weeks now, however, the European Union and Britain have been pushing for a price cut after the fall in global oil prices made the current $60 cap almost irrelevant.

Anonymous sources said the EU and Britain are even willing to lead the initiative and act on their own, with the support of other European nations Japan's position also remains uncertain.

"European countries are seeking to lower the oil price cap from $60 to $45. There are positive signals from Canada, the UK and possibly Japan. We're using the G7 to try to get the U.S. involved," one of the sources said.

The White House had no comment, but as late as the G7 finance ministers' meeting in the Canadian Rockies last month, U.S. Treasury Secretary Scott Bessent remained unconvinced of the need to lower the cap, according to the publication.

Some US senators may support the idea, however, according to the publication's interlocutors, particularly Lindsey Graham, who recently told reporters he supports lowering the limit.

Sources also noted that Washington's support is not necessary to lower the limit because of Britain's dominance of global shipping insurance and the EU's influence over the Western tanker fleet, which adheres to the rules.

The U.S. does, however, matter when it comes to dollar payments for oil and the banking system.

You can support the website Charter97.org

MULTI-CURRENCY ACCOUNT FOR ASSISTANCE:

Bank's name: Bank Millennium S.A.
Address: ul. Stanislawa Zaryna, 2A, 02-593, Warszawa
IBAN: PL97116022020000000216711123
SWIFT: BIGBPLPW
Name of the account holder: Fundacja “KARTA ‘97”
Purpose/title of payment: Donation for statuary aims

You can contact us by the e-mail charter97@gmail.com