Ukraine Urges EU to Cut Russian Oil Price Cap to $30

Ukrainian Foreign Minister Andrii Sybiha has urged the European Union to significantly tighten sanctions on Russia by lowering the oil price cap to $30 per barrel and targeting Moscow’s banking system, The Gaze reports, citing European Pravda.

Speaking on the sidelines of the EU Foreign Affairs Council meeting in Brussels on May 20, Sybiha called the proposed price ceiling a “reasonable” step that would undercut Russia’s wartime revenues.

“We must go beyond the 17th sanctions package. From our perspective, a reasonable price cap should be $30,” Sybiha stated.

The current EU-imposed price cap on Russian seaborne oil stands at $60 per barrel. Introduced in December 2022 as part of G7-led sanctions, the mechanism allows Western companies to ship Russian oil only if it is sold below the cap. 

However, critics say the current level is too high to significantly affect Moscow’s ability to fund its war in Ukraine.

Sybiha also emphasized the need to expand restrictions on Russia’s financial institutions. “We must exert pressure and impose sanctions on the Russian banking system… including the Central Bank,” he added.

While the EU recently passed its 17th sanctions package, targeting Russia’s “shadow fleet” and sanctioned entities, Kyiv and its allies are pressing for a more robust economic offensive.

As The Gaze previously reported, Finnish Foreign Minister Elina Valtonen has called for a tougher stance on Russia by reducing the current oil price cap to $40 per barrel, down from the current $60.