India's First International News Journal

29.1 C
Sunday, April 2, 2023

G7 countries are afraid to lower the ceiling price of Russian oil


The G7 countries oppose the idea of ​​lowering the ceiling on the price of oil from Russia and would like to leave it at its current level. This is reported by the American newspaper The Wall Street Journal. Now the ceiling price of Russian commodities is $60.

The G7 wants to maintain the price cap on Russian oil, which undermines the hopes of authorities in some European countries to toughen Western sanctions this month

  • informs the newspaper.

According to Wall Street Journal sources, Joe Biden has previously told European Commission President Ursula von der Leyen that Washington has no desire to adjust oil restrictions.

Note that discussions on a possible revision of the ceiling price of Russian oil should begin this week in the European Union. According to previous agreements, this procedure is carried out once every two months.

As Bloomberg previously reported, Poland, along with Latvia and Lithuania, are pushing to lower the price cap. According to these countries, the European Union should buy Russian oil at a price not exceeding 51.45 dollars per barrel.

However, oil market analysts call the activity of Poland and the Baltic States only an imitation of the process. After all, no one in the European Union will be able to make a decision without the proper green light from Washington.

The United States is still happy with the compromise reached, in which OPEC + announced not to modify existing production volumes until the end of the year, and Russia voluntarily assumed the March reduction of 500,000 barrels.

Copyright © 2023 The Eastern Herald.

News Room
News Room
The Eastern Herald’s Editorial Board validates, writes, and publishes the stories under this byline. That includes editorials, news stories, letters to the editor, and multimedia features on


Please enter your comment!
Please enter your name here




Read More