This was stated by the Twitter account of Ursula von der Leyen
The European Union (EU) is considering lowering the oil price cap from $60 to $45 per barrel as part of the new 18th package of sanctions against Russia. This information was announced by the President of the European Commission, Ursula von der Leyen.
She noted that this decision is an important step in combating Russia’s economic influence, as oil exports continue to account for about one-third of the country’s revenue.
Since the introduction of the oil price cap in 2023, prices for “black gold” have fallen and are currently close to this limit.
“By lowering the cap, we are adapting to new market conditions and restoring the effectiveness of this measure.”
She also emphasized that this move is part of the Group of Seven’s (G7) efforts to restrict Russia’s financial capabilities. At the G7 summit, scheduled to take place in Canada at the end of June 2025, further measures to strengthen sanctions will be discussed.
The European Commission has presented the 18th sanctions package, which includes bans and controls on exports to Russia, as well as enhanced measures against sanctions evasion. One of the key elements is the prohibition of transactions related to the Nord Stream 1 and Nord Stream 2 pipelines.
“This means that no EU operator will be able to directly or indirectly participate in any transaction concerning the Nord Stream pipelines. There is no going back to the past.”
To improve compliance with the restrictions, in addition to the 342 vessels already under sanctions, the EU plans to add another 77 ships that are part of Russia’s “shadow fleet.”
“Finally, we are introducing a ban on the import of oil products refined from Russian crude oil. This way, we want to prevent part of Russian crude oil from entering the EU market through a backdoor.”
Earlier, Ukraine’s Foreign Minister Andriy Sybiha proposed setting the price cap on Russian oil at $30 per barrel. In December 2022, the G7 countries agreed on a price cap, banning the trade of Russian oil transported by tankers if its price exceeds $60 per barrel.
Shipping, insurance, and reinsurance companies worldwide were also prohibited from handling cargoes of Russian oil unless it was sold below the set price cap.
Russia attempted to circumvent the G7 price cap using a “shadow fleet” of tankers that did not receive insurance from Western companies, and Urals crude oil mostly traded above the established limit.
However, in early April 2025, the price fell below $60 due to global concerns about economic growth and US statements on global tariffs, which also affected world oil prices.
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