Sweden, Denmark, Finland, Latvia, Lithuania and Estonia have urged the European Commission to lower the price ceiling for Russian oil of $60 per barrel set by the G-7 countries, Reuters reports.
"Measures aimed at reducing oil export revenues are crucial because they reduce Russia's most important source of income," the agency quotes the appeal to the EU executive body.
"We believe that now is the time to further increase the impact of our sanctions by reducing the upper limit on the G-7 oil price."
The G-7 countries, The EU, Switzerland and Australia approved a price cap for Russian oil in December 2022. It prohibits the provision of transport, insurance and financial services to companies that sell Russian oil above the established limit of $ 60 per barrel.
The United States and other countries impose sanctions on companies from the "shadow fleet" that exceed the ceiling.
The level of $ 60 has not changed since the end of 2022, despite the fact that in 2023-2024 market prices were on average below this level.
In their appeal to the European Commission, the countries add that the international oil market is now better secured than in 2022. This reduces the risk of a lower price causing a market shock.