The European Commission may propose keeping the G7 price cap on Russian crude oil unchanged at about $44 per barrel during its July review, as it seeks to limit Moscow's oil revenues despite a recent surge in global energy prices, Reuters reported Monday, citing EU diplomats.
The proposal is being discussed as part of the European Union's forthcoming 21st sanctions package against Russia over its war in Ukraine.
Western governments introduced the cap in late 2022 to reduce Russia's energy income while avoiding disruptions to global oil markets.
Under the system, countries can purchase Russian oil using Western shipping and insurance services only if the crude is sold below the price cap.
Reuters reported that the Commission is also considering a proposal to prevent any future price review from raising the cap above $60 per barrel, even if global oil prices remain elevated.