Some EU countries are calling for a reduction of the price cap imposed on Russian oil.

Six countries from the European Union - Sweden, Denmark, Finland, Latvia, Lithuania, and Estonia - called on the Group of Seven (G7) on Monday to impose an additional reduction on the price cap for oil previously set by the group at $60 per barrel for Russian crude oil. The six countries clarified that the call to lower the price cap on Russian oil aims to enhance efforts to weaken the funding of the Russian war on Ukraine. They pointed out that the global oil market, which currently enjoys good supplies, reduces the risks of market disruption and supply shortages that could result from the low price cap on Russian oil. The countries highlighted that the price cap imposed by the G7 has not changed since its implementation, despite Russian oil prices remaining below the imposed cap, allowing Russia to sell its oil at favorable prices that help bolster its revenues. In addition, the six EU countries claimed that Russia's limited storage capacity on one hand and its heavy reliance on energy exports on the other mean that it will continue to sell oil even at lower prices if a lower price cap is enforced by the G7. These calls from EU countries come at a time when Ukrainian officials have emphasized the strong link between the strength of Russian oil revenues and the continuation of Russian military aggression in Ukraine.