New EU sanctions package could crash Russian oil prices

European Commission intends to lower the price cap on Russian oil to $45 per barrel as part of a new sanctions package

This is reported by the reputable publication Financial Times (FT), citing informed sources.

According to the FT, the European Commission has secured the support of key European powers — France, Germany, and Italy — on the issue of tightening restrictions against Russia. The proposal to reduce the price cap from the current $60 to $45 per barrel is being considered as part of the upcoming 18th sanctions package of the European Union.

However, the initiative has not yet received unanimous approval from all 27 EU member states and the Group of Seven (G7) countries. A group of opponents to this measure has formed within the European Union. In particular, Hungary and Greece express skepticism about further limiting the prices of Russian oil and are carefully analyzing the potential consequences of such a step.

Recall that very recently, on May 20, the Council of the European Union already approved the 17th package of sanctions against Russia.