
In a bold move, six European Union countries have called for a reduction in the G7-imposed price cap on Russian oil. The countries argue that the current cap, which aims to limit Russia’s oil revenue amid sanctions, is too high and not effectively curbing Russia’s economic power.
The nations pushing for the change include prominent EU members who believe that lowering the cap would intensify pressure on Moscow, cutting into the funds Russia uses to fuel its ongoing conflict in Ukraine. These countries assert that a lower price ceiling would be a more powerful tool in punishing Russia, making it harder for the Kremlin to profit from its oil exports.
While the G7 nations agreed to the price cap to strike a balance between hurting Russia’s economy and maintaining global oil supply stability, the six EU members feel the measure needs further tightening. They argue that current levels allow Russia to maintain high profits, undermining the goal of the sanctions.
This move has sparked debate within the EU, with some countries warning that any further reduction could lead to oil shortages and higher energy prices across Europe. However, proponents of the lower cap insist that the long-term geopolitical benefits outweigh the potential short-term economic risks.
As the debate intensifies, it remains to be seen whether the G7 will take action and adjust the price cap to align with these new calls for a tougher stance on Russian oil.
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