Photo: Getty images
The UK has called on the Group of Seven countries to reduce the price ceiling on Russian oil from the current $60 per barrel to increase pressure on Moscow and force Vladimir Putin to end his war against Ukraine.
This was announced by the Ministry of Finance of the United Kingdom, Bloomberg reports.
“We need to increase pressure on the Russian military machine. Putin has ignored Zelenskyy’s initiative for peace talks, so it’s time for decisive action,” the statement said.
During a meeting of G7 finance ministers in Canada, Chancellor of the Exchequer Rachel Reeves stressed that lowering the price cap would help reduce Russia’s revenues and bring about a just and sustainable peace. Currently, Russia circumvents sanctions by using a shadowy fleet of tankers with unknown insurers.
The G7 is also considering new ways to strengthen the sanctions mechanism, given the fall in oil prices and the projected surplus in 2025.
