Zelenskyy wants a significantly stricter ceiling on Russian oil

But the G7 proposal does not have unequivocal support in the West. The governments of the countries of the European Union, which want to complicate the financing of the war for Russian President Vladimir Putin, have not yet agreed on a common position among themselves. The G7 group consists of the United States, Canada, Japan, Britain, Germany, Italy and France, and the European Union as a whole cooperates with them.

The price ceiling is to come into effect on December 5, and the EU wants to stop importing Russian oil from the same date. The transportation of oil through the Druzhba pipeline, which brings Russian oil through Ukraine to Hungary, Slovakia and the Czech Republic, will be temporarily exempted from the embargo. The embargo is part of the sanctions imposed by Western countries against Russia for its invasion of Ukraine.

“The limit that is being considered today – around $60 – is, in my opinion, an artificial limit,” Zelenskyy said. He is constantly trying to push allies to tougher anti-Russian sanctions of all kinds. “We would like the sanctions to be very effective in that fight, so that the limit is set at the level of 30 to 40 USD and Russia will feel the sanctions,” he said at a press conference.

Russian oil has ceilinged itself on the markets


The proposal to introduce a price ceiling assumes that it will no longer make sense for companies providing transportation, insurance and other services to trade with Russian oil. It would only be attractive to them if the price of oil fell below the limit set by the G7 countries and their allies.

A lower ceiling than USD 65-70 per barrel is being sought by Poland, Estonia and Lithuania. Conversely, Greece, Cyprus and Malta want to set the ceiling at a higher level.

Brent North Sea crude, considered the main oil on world markets, is now selling for less than $85 a barrel, after reaching around $120 in the summer. Russian oil is cheaper, currently at around $67 per barrel. In the spring it cost more than 100 USD per barrel.

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