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G7 ignores new ceiling on Russian oil prices

July, 23 2025

Most of the G7 countries ignored the EU's initiative to set a new price ceiling for Russian oil for third countries. Only the United Kingdom expressed support. On July 18, the EU lowered the ceiling from $60 to $47.6 per barrel, making it dynamic, but the rest of the G7 participants, except for the UK and EU countries, have not confirmed their intentions.European Commission spokesman Olof Gill said that Brussels continues to contact its partners and welcomes London's position. However, other mem... Read More

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