AP imageUS hesitation is 'frustrating'Price cap must be enforced better, regardless of levelOil price plunge leaves Russian economy vulnerableThe European Union and the UK are pushing for a lowering of the oil price cap — a key economic sanction against Russia.The price cap is currently set at $60 (€52.7) per barrel of oil and has been in place since December 2022. The oil price has fallen sharply throughout 2025, and Brent crude itself is now only a few dollars above the price cap of $60.G7 finance ministers met in Canada last week (May 20-22), where discussions on the lowering of the cap took place. "A lot more Russian oil is being transported on G7 insurance," Vaibhav Raghunandan from the Centre for Research on Energy and Clean Air told DW. "All of this needs to change for better enforcement of the price cap itself. You can put the price cap at a dollar a barrel if you want, but if you can't enforce it, it makes no sense.
