EU May Keep Russian Oil Price Cap at 44 Dollars
The European Commission is proposing to keep the G7 price cap on Russian crude at 44 dollars per barrel to limit Moscow's revenue amid high global oil prices. This measure is being discussed as part of a new sanctions package following the closure of the Strait of Hormuz.
The European Union may propose keeping the Russia crude oil price cap at $44 per barrel during its July review. The move aims to limit Moscow's energy revenue following recent market volatility and the conflict in Iran. For investors, the decision signals a commitment to price controls despite higher global benchmarks and shifting supply routes.
### Maintaining Pressure on Russian Energy Revenue The European Commission floated the proposal to EU envoys during meetings over the weekend. This measure is intended for the forthcoming 21st sanctions package against Russia. The G7 and its allies previously lowered the cap from $60 to $47.60, eventually reaching $44.10 in January to reflect market shifts.
