The corresponding announcement is set to be published on Feb. 24, coinciding with the third anniversary of Russia's full-scale invasion of Ukraine.
According to the report, G7 finance ministers would jointly reconsider the current price cap on Russian oil, which is currently $60 per barrel. This limit was introduced in late 2022 to try and stem Kremlin’s ability to finance the war against Ukraine. The planned revision aims to further increase Russia's costs in the Ukraine war, pushing it toward genuine peace negotiations.
It is currently unknown whether all G7 countries support the proposed document in its current form. The text is expected to change as discussions continue.
The G7 nations had previously considered lowering the price cap, which has been in effect since December 2022, but failed to reach an agreement in the spring of 2024. The United States expressed concerns that such a step could lead to a sharp rise in global energy prices.
The news of new sanctions surfaced just hours after the first open talks between Russia and the United States since 2022 concluded in Saudi Arabia.