**G7 Nations Ready to Lower Russian Oil Price Cap Without US Support**
The Group of Seven (G7) nations are preparing to take a significant step in limiting Russia’s ability to finance its war against Ukraine. According to Reuters, most G7 countries are ready to lower the Russian oil price cap from $60 to $45 per barrel, even if the United States does not support this decision.
This move is a result of efforts by the European Union and the United Kingdom, backed by other European G7 countries and Canada. The price cap was first introduced in December 2022 as a measure to limit the Kremlin’s ability to finance its war against Ukraine. It bans Western companies from shipping, insuring, or otherwise servicing Russian oil sold above $60 per barrel.
Despite previous attempts to lower the price cap, the proposal was dropped after U.S. Treasury Secretary Scott Bessent reportedly declined to support it. However, it is unclear whether the US will support this decision this time around. Japan’s position on the matter is also undecided.
The upcoming G7 summit in Kananaskis County, Alberta, Canada, will see participating country leaders revisit the price cap discussion. The summit agenda includes topics such as support for Ukraine in the Russian war, global economic stability, digital transformation, and climate change. President Volodymyr Zelensky is expected to attend the summit and seek a meeting with U.S. President Donald Trump.
**Commentary**
The G7’s willingness to lower the Russian oil price cap without US support highlights the growing frustration among European nations in dealing with Russia’s aggression against Ukraine. The price cap was initially introduced as a measure to limit the Kremlin’s ability to finance its war, and lowering it would further weaken Russia’s economic leverage.
However, the absence of US support may undermine the effectiveness of this move. As the world’s largest oil consumer, the United States plays a crucial role in global energy markets. Without US backing, the lowered price cap may not have the desired impact on Russia’s economy.
**Analysis**
The G7’s decision to lower the Russian oil price cap is a significant step towards limiting Russia’s ability to finance its war against Ukraine. However, it also raises questions about the effectiveness of this move without US support. The upcoming G7 summit will be an opportunity for participating countries to discuss and refine their strategy in dealing with Russia’s aggression.
The inclusion of President Zelensky on the summit agenda is a positive sign that the international community remains committed to supporting Ukraine in its fight against Russian occupation. A meeting between Zelensky and Trump would also be an important development, as it could help ease tensions between Ukraine and the United States.
In conclusion, the G7’s decision to lower the Russian oil price cap without US support is a significant step towards limiting Russia’s ability to finance its war against Ukraine. However, its effectiveness will depend on the level of international cooperation and support for this move.
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