Britain urged G7 to lower price ceiling on Russian oil, - Bloomberg
The United Kingdom has called on its G7 partners to lower the price ceiling for Russian oil in order to increase pressure on Vladimir Putin and force Russia to end its war against Ukraine.
This was stated by the Ministry of Finance of the United Kingdom, Censor.NET reports with reference to Bloomberg.
The ministry noted that "pressure on Russia's military machine is needed more than ever before" as Putin avoids a truce and refuses to hold direct talks with Ukrainian President Volodymyr Zelenskyy.
The G7 nations are considering tightening price restrictions to more effectively limit Moscow's ability to finance a war. The current ceiling is set at $60 per barrel, the only price at which Western operators can insure and transport Russian oil.
At the G7 meeting on May 21, British Finance Minister Rachel Reeves announced her intention to quickly reduce the price ceiling, taking advantage of the favorable situation. Previously, Russia circumvented the restrictions by using a "shadow fleet" of tankers not insured by Western companies and selling Urals crude above the ceiling price. However, in early April, quotations fell below $60 due to global economic concerns.
