Northern European and Baltic countries are urging a reduction in the price cap on russian oil as part of G7 coordination to reduce moscow's revenues, which finance its war against Ukraine. Deutsche Welle reported this on January 13, citing Swedish online publications.
It is noted that a letter with the corresponding proposal was sent to the European Commission by the foreign ministers of the Northern European and Baltic countries. Notably, Sweden’s Foreign Minister Maria Malmer Stenergard signed the appeal.
"The lower the prices for russian oil, the sooner peace will come. … Russia’s economy rises and falls with oil prices. Oil funds the war", - she stated at a defense conference in the city of Sälen, as reported by the Swedish publication Epoch Times.
According to the minister's calculations, a $10 reduction in the price per barrel would mean losses of $200 billion annually for russia, equivalent to 15% of its military budget.
Stenergard also mentioned that Sweden is intensifying efforts to prevent the so-called shadow fleet that russia uses to circumvent the oil price cap. However, access to vessels could be challenging when operating in international waters. In her view, "...lowering the oil price cap and combating the shadow fleet go hand in hand."
Earlier, it was reported that the Biden administration had imposed strict sanctions on russian oil service companies.