G7 ready to lower Russian oil price cap without US support, Reuters reports
Most Group of Seven (G7) nations are prepared to lower the Russian oil price cap from $60 to $45 a barrel even without support from the United States, Reuters reported on June 12, citing unnamed sources familiar with the matter.
According to Reuters, the European Union and United Kingdom, backed by other European G7 countries and Canada, are ready to lead the charge in lowering the Russian oil price cap – even if U.S. President Donald Trump opts out.
The price cap, which bans Western companies from shipping, insuring, or otherwise servicing Russian oil sold above $60 per barrel, was first introduced in December 2022 as a measure to limit the Kremlin's ability to finance its war against Ukraine.
The G7 had previously attempted to lower the Russian oil price cap; however, the proposal was dropped after U.S. Treasury Secretary Scott Bessent reportedly declined to support it.
It is unclear whether the U.S. will support the decision this time around. Japan's position is also undecided.
Participating country leaders will revisit the price cap discussion at the upcoming G7 summit. Canada, which holds the G7 presidency this year, will host the summit on June 15-17 in Kananaskis County, located in the western province of Alberta.
The summit agenda will include topics such as support for Ukraine in the Russian war, global economic stability, digital transformation, and climate change.
President Volodymyr Zelensky is expected to attend the summit and seek a meeting with U.S. President Donald Trump.
