New EU sanctions package could crash Russian oil prices

The European Commission (EC), with the support of leading European countries, including France, Germany, and Italy, wants to tighten sanctions against Russia by lowering the price cap on Russian oil from $60 to $45 per barrel.

This is reported by the Financial Times (FT), citing sources.

It is specified that these restrictions are being considered as part of the 18th package of EU sanctions against Russia. The publication noted that the initiative has not yet received unanimous support from all 27 EU member states, as well as the Group of Seven (G7) countries.

There are also opponents of this proposal in the European Union. For example, countries such as Hungary and Greece are skeptical about limiting oil prices and are studying the possible consequences of such a decision.

On May 20, the EU Council approved the 17th package of sanctions against Russia.