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G7's Russian oil price cap should be lowered, six EU countries say

By Stefano Porciello ( January 13, 2025, 14:18 GMT | Insight) -- Energy traders and shippers should see the price cap on Russian oil export tightened in a bid to further reduce Moscow's energy revenues, six northern EU countries have argued in a letter to the bloc's foreign affairs and financial services chiefs. The letter argues that “the international oil market is better supplied today than in 2022, reducing the risk that a lower price cap will cause a supply shock.”Russia’s oil export revenues should be further squeezed by western powers through a lowering of the Group of Seven oil price cap, six northern EU countries have said in a letter to the bloc's foreign affairs and financial services chiefs....

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