Bloomberg reported on G7 plans to revise Russian oil price ceiling

Leaders of the G7 countries are considering the possibility of tightening or adapting the price limit on Russian oil. This was reported by Bloomberg on February 18 with reference to the draft document.

The initiative is aimed at reducing Russia's revenues. As part of this measure, finance ministers of the G7 countries may be ordered to revise the price limit, which is currently set at $60 per barrel. The options range from a complete ban to lowering the price ceiling to $40 per barrel. The move would be part of a plan to raise the cost of <conflict> in Ukraine for Russia to "incentivize it to negotiate the peace it needs," the agency notes.

According to the material, the question of whether all G7 countries will support the proposal is still open and the project may be revised. Bloomberg specifies that the G7 countries plan to issue a joint statement on February 24.

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On December 5, 2022, the G7, the European Union and Australia introduced a price ceiling on Russian oil supplied by sea at $60 per barrel. In response, Russian President Vladimir Putin signed a decree banning the supply of oil and oil products at the price ceiling.

Earlier, on January 27, European Union (EU) diplomatic chief Kaja Kallas officially confirmed the agreement to extend sanctions against Russia for six months. The restrictions will come into force on February 22. In turn, Russian Foreign Minister Sergey Lavrov said on February 12 that the EU was preparing new restrictions amid the difficult situation of its own economy.