The European Union will propose this week to the G7 countries to lower the price ceiling for Russian seaborne oil from the current $60 to $50 per barrel, European Commissioner for the Economy Valdis Dombrovskis said on May 19, 2025. This was reported by Reuters, citing sources in the EU structures familiar with the discussions. The initiative will be part of the 18th package of sanctions against Russia and will be presented at a meeting of G7 finance ministers in Canada. According to Dombrovskis, the measure is aimed at further reducing Moscow's income from energy exports, while maintaining stability in the global oil market.

The price cap on Russian oil, imposed by the G7, the EU and Australia from December 5, 2022, caps the cost of seaborne shipments at $60 per barrel. This prohibits Western companies from insuring, transporting or financing oil sold at more than the limit. Similar restrictions on oil products such as diesel ($100 per barrel) and fuel oil ($45 per barrel) have been in effect since February 5, 2023. The mechanism was intended to reduce Russia's export revenues without causing a shortage on the global market. However, as Reuters notes, Russia partially circumvents the sanctions by using a "shadow fleet" of tankers that are independent of Western insurance companies.

In April 2025, the price of Russian Urals crude fell below $60 per barrel, averaging $55,64, according to the International Energy Agency (IEA). This allowed Russian companies to attract Western tankers and insurers without violating sanctions, maintaining export volumes. Reducing the ceiling to $50, according to experts, will increase pressure on the Russian budget, since oil revenues in April 2025 have already reached a two-year low of $13,2 billion, according to the IEA.