The foreign affairs ministers of Denmark, Estonia, Finland, Latvia, Lithuania and Sweden sent a letter to the High Representative for Foreign Affairs and Security Policy, Kaja Kallas, and the Commissioner for Financial Services, Maria Luís Albuquerque, on Saturday 11 January, calling for the impact of EU sanctions against Russia to be strengthened by lowering the oil price cap set by the G7.
According to the signatories, this price cap, currently set at $60 per barrel of Russian crude oil, can be lowered due to “an international oil market that is better supplied today than in 2022”. They also point out that because of its heavy dependence on energy exports, Russia has “no alternative to continued oil export, even at a substantially lower price”.
This letter was published following new sanctions imposed by the United States targeting more than 200 entities and individuals linked to the Russian oil industry.
In response to this letter, a spokesperson for the European Commission indicated that the subject was part of ongoing discussions within the Group of Seven. “Ultimately, it is up to the G7 to decide on this issue together. For our part, the Commission is constantly re-examining its measures, and will continue to do so”, he said, pointing out that any decision to update the sanctions regime had to be taken unanimously by the Member States.
To see the letter: https://aeur.eu/f/f0m (Original version in French by Pauline Denys)