G7 considers strengthening the price cap mechanism on Russian oil.

The 'price cap' mechanism on Russian oil may be strengthened by G7 countries

According to Bloomberg agency, the 'Group of Seven' countries are considering the possibility of strengthening or changing the limit on the price of Russian oil to make it more effective. This is stated in a draft statement that may be approved on February 24.

According to the draft document, the finance ministers of the G7 countries may be tasked with reviewing the current limit, which is set at $60 per barrel of oil. This limit was introduced to restrict Russia's access to oil dollars.

The main aim of the new measures is to bring Russia to the negotiating table for a comprehensive peace in Ukraine. However, it is still unknown what support the document will receive among G7 participants, and diplomats continue to work on the text.

The draft statement also notes that Ukrainian President Volodymyr Zelensky is ready for negotiations and considers Russia's conditions excessive. The document emphasizes the necessity of full participation of Kyiv in negotiations and achieving long-term peace with guarantees of Ukraine's security and its right to Euro-Atlantic integration.

It should be reminded that the 'price cap' on Russian oil at the level of $60 per barrel was set by the European Union and the G7 countries, along with Australia as part of an embargo on the supply of Russian oil to European countries starting from December 5, 2022.