The European Union is considering lowering the price cap on Russian oil from $60 to $50 per barrel. This was reported by Reuters, citing EU Economy Commissioner Valdis Dombrovskis.
According to him, the issue was raised during discussions on a new package of economic sanctions against Russia over the war in Ukraine. While Dombrovskis did not name a specific figure, Reuters sources say the new cap could be around $50.
Finance ministers of the G7 countries are expected to discuss this proposal at a meeting in Canada from May 20 to 22.
Previously, Western countries set a $60 price cap on Russian oil as part of sanctions.
