The EU proposed to the G7 to lower the price ceiling for Russian oil to $50 per barrel.

European Commission trade commissioner Dombrovskis said that the EU will propose to G7 finance ministers this week to lower the current price ceiling of $60 per barrel for Russian oil shipped by sea, as part of new sanctions against Moscow. Dombrovskis said, "This is an issue pointed out by the European Commission in the 18th round of sanctions. I expect other G7 partners to also be interested in this and have discussions." When asked if he would propose this at the G7 finance ministers meeting in Canada this week, he said, "Yes." Dombrovskis did not mention how much the EU hopes to lower the price ceiling to, but EU officials familiar with the discussions said the EU will propose lowering it to $50 per barrel.