Most G7 Members Ready to Lower Russian Oil Price Cap Without US

Most G7 countries are prepared to lower the price cap on Russian oil from $60 to $45 per barrel ahead of the June summit in Canada, with the European Union, United Kingdom, and Canada ready to lead this initiative independently if necessary. This move is driven by declining global oil prices, which have made the original cap less effective in restricting Russia's oil revenue amid its military actions in Ukraine. While European countries and Canada show strong support, the United States' position remains uncertain, with Treasury Secretary Scott Bessent expressing skepticism, though some U.S. senators, including Lindsey Graham, advocate for tougher sanctions and a lower price cap. Japan’s stance is also unclear, but there are positive signals from its government. The G7 summit aims to align EU and U.S. sanctions on Russia, focusing on energy revenues and military support for Ukraine, although major shifts in U.S. support are not anticipated. The EU has indicated it could act independently, leveraging control over regional seas to enforce the cap without U.S. approval.