European Union may propose to G7 to lower Russian oil price cap to $50/barrel

On May 19, the European Union will propose to G7 finance ministers this week to lower the current $60-a-barrel price cap on Russian seaborne oil as part of new sanctions against Moscow, European Union trade commissioner Dombrovskis said. "This is an issue that the European Union identified in the 18th round of sanctions. I expect other G7 partners to be interested and discuss it," Dombrovskis said. Asked if he would make the proposal at this week's meeting of G7 finance ministers in Canada, he said: "Yes." Dombrovskis did not mention how far the European Union would like to lower the price cap, but European Union officials briefed on the discussions said the European Union would propose to lower the price cap to $50 a barrel.