The G7 is considering redefining the maximum price limit it has imposed on Russian oil in order to reduce Russia’s revenue by exerting additional pressure on Moscow to end the war with Ukraine.

According to Bloomberg News, citing the draft joint announcement, the G -7 nations could commission their finance ministers to redefine the price threshold – currently set at $ 60 per barrel for Russian crude oil – which was introduced to limit the Kremlin’s access to petrodolaria that fund the invasion of Ukraine.

The move could be described as part of the efforts to increase the cost of the war in Ukraine for Moscow, so that Russia would “motivate to negotiate a meaningful peace”.

It is not clear at this stage if all the G-7 nations support the draft joint announcement in its current form and will probably be revised as diplomats continue negotiations.

The United States caused western capitals in the western capitals when they contacted last week that it was open to speak directly to Moscow about ending the war.

In response, some EU leaders gathered in Paris on Monday to discuss a joint approach to the negotiations, fearing that they would stay out.

Review

The maximum price limit in Russian oil was strongly criticized when it was first implemented in December 2022, as it was very easy for Russia to bypass it while designed mainly to maintain the country’s oil and fuel flows.

This perception changed on January 10 when the Biden government incorporated 161 tankers, two large Russian oil producers, several traders and a key insurer of the country’s tanker in the blacklist.

New US Finance Minister Scott Besed has spoken of reinforcing the measures if Washington believes this can help to accelerate the resolution of the war in Ukraine.

G7 aims to publish its statement on February 24, on the 3rd anniversary of Russia’s invasion of Ukraine.

The draft states that the allies will “recognize” Ukrainian President Voludimir Zelenski’s “readiness” to participate in talks on the end of war, while warning that the terms of Russian President Vladimir Putin “so far Ukraine. ” The draft states that the allies are planning to meet Zelenski on February 24.

Allies will request, according to the draft, for a ‘common, reasonable and fair peace fair, a peace that will last“, Which will entail”a constant security guarantee“

The allies will maintain their line that any negotiation to end the war “must include the full involvement of Ukraine”.

Trump has said that the US could target Russia with significant sanctions if Moscow is not involved in negotiations. However, significant changes in US foreign policy under the presidency of Trump could mean that many of the proposals will be lost in the negotiation.

Diplomats who know the matter said the allies doubted that they would be able to publish any statement after the G-7 Foreign Ministers meeting in Munich on the weekend security conference.

According to the latest draft of the joint announcement, the allies will remain committed to the training of Ukrainian security personnel and the modernization of its armed forces. They will seek to cope with the circumvention of sanctions by Russia through the use and acquisition of dual -use technology and the shadow fleet of tanks.