The United States is opposing a proposal by other Group of Seven nations to lower the price cap on Russian oil, Bloomberg reported on June 13.
Citing unnamed sources, Bloomberg said the U.S. remains opposed to reducing the cap from $60 to $45 per barrel – a position it first took earlier this year when Treasury Secretary Scott Bessent declined to support a similar effort.
The price cap, introduced in December 2022 as a measure to limit the Kremlin’s ability to finance its war against Ukraine, prohibits Western companies from shipping, insuring, or otherwise servicing Russian oil sold above $60 per barrel.
Despite U.S. resistance, the European Union and United Kingdom – backed by other European G7 countries and Canada – have said they are prepared to move forward with the proposal, even without Washington’s endorsement.
One source told Bloomberg that the EU and U.K. could explore lowering the cap without the U.S.,…
