Moscow May 20 2025: Ukraine wants the Group of Seven advanced economies to reduce its price cap on Russian seaborne oil to $30 per barrel, Foreign Minister Andriy Sybiha said on Tuesday.
The current G7 price cap, imposed over Russia’s war in Ukraine, is $60 per barrel.
“The oil price cap, from our point of view, our position (is the) reasonable price cap (is) 30 dollars,” Sybiha told reporters in English during a visit to Brussels.
The European Union and Britain announced new sanctions on Russia on Tuesday which they said would zero in on Moscow’s “shadow fleet” of oil tankers and financial companies that have helped it to avoid the impact of other sanctions imposed over the conflict.
Britain and the EU said they would also work to lower the oil price cap, which imposes far less of a discount on Russian oil now that global prices have fallen this year. EU officials briefed on discussions on the matter have said the EU will propose a price cap of $50 per barrel.
Ukrainian President Volodymyr Zelenskiy said separately that he had spoken to European Commission President Ursula von der Leyen on Tuesday and expressed gratitude for the latest sanctions.
“Russian oil, energy trade infrastructure, banks and financial schemes are what is most painful for Russia, and accordingly, the most useful for peace,” he wrote on the Telegram messaging app.
“The more pressure there is on Russia, the more motives Moscow will have to move towards real peace,” he said, a day after U.S. President Donald Trump spoke to Russian President Vladimir Putin without winning a promise of a ceasefire in Ukraine.
