Sources close to G7 internal discussions reveal that most member countries support lowering the Russian oil price cap even though the United States has not agreed to participate before the Canadian summit.
The $60-per-barrel price cap which Western nations established in 2022 to limit Russia’s revenue stream has lost effectiveness because global oil prices have decreased. The EU together with the UK along with Canada and other European G7 members support reducing the price cap.
The sources indicate that most parties now support lowering the price cap to $45 but Japan has not made its position clear. During the G7 finance meeting U.S. Treasury Secretary Scott Bessent expressed doubts about the proposal and the White House has not provided any official position on the matter.
Senator Lindsey Graham has indicated his backing for stronger sanctions against Russian oil buyers through higher tariffs which could increase domestic U.S. support for the measure.
The G7 leaders will discuss their final decision during their summit meeting on June 15–17. The European nations will continue to implement tighter energy revenue restrictions on Moscow regardless of Washington’s participation status.
