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

Ukraine has asked the EU to go beyond the 17th package of sanctions against Russia and, among other restrictions, cut the Russian oil price cap by half to $30.

According to Ukrainian Foreign Minister Andriy Sybiha, it is necessary to deter Russia and restore lasting and comprehensive peace in Ukraine and in Europe during wartime.

“We need full diplomatic mobilization,” Sybiha said in Brussels on May 20, according to Ukrinform.

On May 20, the EU approved its 17th sanctions package against Russia, targeting nearly 200 shadow fleet vessels and Russia’s “hybrid threats.”

The same day, the UK also announced “100 sanctions targets across the Russian military, energy, financial sectors and those conducting Putin’s information war against Ukraine,” according to its official press release.

Sybiha thanked the EU for the 17th package of sanctions but asked the bloc to go beyond the package, imposing a price cap on oil, which, according to Kyiv, should not exceed $30 per barrel.

After the start of Moscow’s full-scale invasion, the G7 countries imposed a price cap of $60 per barrel on Russian oil to reduce the Kremlin’s revenues while keeping Russian oil on the global market.

In addition to the G7 sanctions restricting access to Western shipping and insurance, the EU also introduced its own ban on importing most Russian oil and petroleum products.

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But Russia has adapted to these restrictions by redirecting its oil flows to non-Western buyers and by operating a shadow fleet of tankers.

According to Sybiha, the EU should also impose new sanctions on Russia’s banking infrastructure, including the Central Bank of Russia.

“Such strong measures are necessary now, as pressure must be exerted on Russia”, Sybiha said. “Ukraine has demonstrated that it is not the obstacle to peace. It is Putin who wants this war. Therefore, pressure on Russia must continue until it ends the war.”

“That is why full diplomatic mobilization is so important – to deter Russian aggression and restore peace,” he added.