G7 ignores new ceiling on Russian oil prices

Most of the G7 countries ignored the EU's initiative to set a new price ceiling for Russian oil for third countries. Only the United Kingdom expressed support. On July 18, the EU lowered the ceiling from $60 to $47.6 per barrel, making it dynamic, but the rest of the G7 participants, except for the UK and EU countries, have not confirmed their intentions.

European Commission spokesman Olof Gill said that Brussels continues to contact its partners and welcomes London's position. However, other members of the group, including Canada, the United States and Japan, have so far refrained from such steps. According to the White House, Washington sees no need to tighten such measures.

Russia reacted calmly to the new sanctions. Deputy Prime Minister Alexander Novak stressed that the European Commission could reduce the limits «even to zero,» but this would not have a significant effect.

The reduced ceiling obliges European companies to provide transportation and insurance services for oil from Russia only if the limit is met, which complicates energy trading.