The European Union will not unilaterally reduce the price cap on Russian oil from US$60 to US$45 per barrel, as this initiative is unlikely to be supported by the Group of Seven (G7). Source: two diplomats from key EU member states familiar with the discussions at the EU Committee of Permanent Representatives (Coreper) on 16 June,

Most countries in the Group of Seven nations are prepared to go it alone and lower the G7 price cap on Russian oil even if U.S. President Donald Trump decides to opt out, four sources familiar with the matter said.

Most countries in the Group of Seven are prepared to independently lower the price cap on Russian oil, even if US President Donald Trump decides to withdraw from the initiative. Source: Reuters, citing its sources Details: Reuters sources note that efforts to lower the price cap are being led by the United Kingdom and the EU.

Most G7 members are prepared to lower the Russian oil price cap from $60 to $45 per barrel even without U.S. support, Reuters reported on June 12.

EU member states are hesitant to finalize a new package of sanctions against Russia, awaiting developments in peace talks, US involvement, and agreement on key measures like the oil price cap.

Leaders from the Group of Seven nations begin annual talks on Monday amid wars in Ukraine and the Middle East that add to global economic uncertainty, as host Canada tries to avoid a clash with President Donald Trump.

It’s a tableau no world leader — except perhaps President Donald Trump — wants to repeat. Convening in the Canadian Rockies for this week’s Group of 7 summit, presidents and prime ministers are hoping to avoid the acrimony that pervaded the last time this country played host to the world’s most exclusive club.

Several G7 countries are pushing to reduce the price cap on Russian oil from $60 to $45, with or without U.S. support. The current cap, initially agreed upon in 2022, aims to limit Russia's ability to fund its conflict in Ukraine.