G7 considers reducing Russian oil price to $40 per barrel

Bloomberg reported that the G7 countries are considering options to tighten price restrictions on Russian oil, including reducing the current price ceiling from $60 to $40 per barrel.

According to a report published by the agency, citing its sources, “the measures being considered include reducing the current price ceiling from $60 to $40 per barrel or imposing a complete ban on the transportation and insurance of Russian oil.”

The sources confirmed that “discussions are still ongoing and a final decision has not yet been made.” They also indicated that the G7 countries seek to take into account the potential economic impacts as well as maritime safety issues during the discussions.

On December 5, 2022, the European Union’s ban on Russian oil shipments transported by sea came into effect.

The G7 countries, along with the European Union and Australia, imposed a price ceiling on Russian oil transported by sea at $60 per barrel.