EU Likely to Propose Lowering G7 Price Cap on Russian Oil to $50 Per Barrel

But the price has fallen below US$60 in early April, as global concern about economic growth in the wake of US announcements on global tariffs hit oil prices as well,

the publication said

Russia has been bypassing the G7 price cap through a ‘shadow fleet’ of tankers that do not get their insurance from Western companies and Russian Urals crude has been trading above the price cap for much of the time,

the agency says

Asked by reporters if he would make the proposal to lower the cap at the G7 finance ministers' meeting in Canada this week, he said: ‘Yes’,

the article says

Dombrovskis did not mention the level to which the European Union would want the price cap lowered, but EU officials briefed on the discussions said the EU would propose US$50 per barrel,

Reuters reports

Valdis Dombrovskiseuropean Commissioner

This is something which we flagged from the Commission's side in the context of the 18th sanctions package. I would expect some interest also from other G7 partners in this regard and some discussion,

Dombrovskis told reporters on Monday