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US ‘Not Convinced’ About Lowering G7 Oil Price Cap, European Official Says

Business & Policy
May 22, 2025

(Reuters) – A European official said the United States was “not convinced” about lowering the Group of Seven nations (G7) price cap on Russian crude oil.

The EU proposed revising the cap down to an indicative level of $50 a barrel from the current $60 a barrel.

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During the G7 finance ministers meeting, the official said the U.S. position was that oil prices were already falling and hurting Russia. However, the official added the U.S. remained open to the idea and discussions would continue.

The U.S. Treasury did not immediately respond to a request for comment.

Reporting by Julia Payne, Editing by William Maclean