G7 Mulls Further Price Caps on Russian Oil Despite Strategy’s Checkered Results

Moscow has downplayed the move’s potential impact on the Russian economy.

An oil well near Russia's city of Nefteyugansk on Oct. 12, 2004. Tatyana Makeyeva/AFP via Getty Images

The European Commission (EC) this week proposed an 18th sanctions package against Russia targeting the country’s energy, banking, and military-industrial sectors.

With the aim of driving down Russian oil revenue, the proposed sanctions package also calls for a further reduction of the G7’s price cap on Russian oil from $60 to $45 per barrel.