The European Commission proposed on Friday the imposition of a floating ceiling on the price of Russian oil, which will be formed at 15% below the average of crude oil price of the previous three months, according to European diplomats.

European Union and Britain have been pushing its countries for two months Group of Seven (G7) Reduce the ceiling, as the decline in oil contract prices had made the current 60 dollar threshold per barrel to a large extent. Since then the Brent has recovered slightly and closed on Friday at $ 70.36 a barrel.

G7’s maximum price limit, which aimed to limit Russia’s ability to fund the war in Ukraine, was initially agreed in December 2022.

The new floating ceiling will be reviewed a quarter of the average price of the period, one of the diplomats said.

According to the same source, the technical details of the proposal must still be discussed, but the idea seems to reassure the concerns of Member States with a strong EU shipping sector, namely Malta, Greece and Cyprus.

Despite repeated calls by European leaders, the US government has not agreed to reduce the threshold, with Europeans moving forward.

The price of Russian crude Urals remained two dollars below the $ 60 threshold.

The ceiling prohibits the trade of Russian oil transported by sea if its price is over $ 60 a barrel, and prohibits shipping, insurance and reinsurance companies from managing such cargoes worldwide unless they have been sold below the limit.

The Commission had initially proposed in June to reduce the ceiling from $ 60 to $ 45 a barrel as part of the 18th sanctions package against Russia.

The Kremlin said on Friday that it has gained good experience in addressing challenges such as a floating ceiling at the price of Russian oil, since it is finally applied by the EU.

EU sanctions must be unanimously approved by all Member States to enter into force.