EC says no majority in EU, G7 to change Russian oil price cap

BRUSSELS, Mar 30 (PRIME) -- There is no majority in the E.U. and the Group of Seven leading industrial nations to change the price cap on Russian oil, European Commission spokesman Daniel Ferrie said on Thursday in a news briefing.

The European Commission had analyzed the situation, and is in contact with the E.U. member countries, but the union and G7 lack the majority necessary to amend the decision, he said.

Western oil sanctions came in force on December 5, 2022. The E.U. stopped receiving Russian seaborne oil, while the G7 countries, Australia and E.U. capped the price at U.S. $60 per barrel. In response, Russia banned supplies of oil under the contracts that use the price caps directly or indirectly from February 1.

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