EU seeking coordination with G7 regarding Russian oil price cap - European Commission spokesperson

BRUSSELS. July 22 (Interfax) - The European Union is trying to make all member states of the Group of Seven (G7) to join its new mechanism of capping prices of Russian oil, this issue is being discussed with G7, but Brussels has not yet achieved its goal, European Commission spokesperson Olof Gill said.

"As regards the new price cap mechanism, our intention is to discuss it with the G7 price cap coalition. We have already been in touch with them, of course, while we were preparing this with a view to aligning as best as possible in the future. Our aim is that other G7 members will eventually adopt such cap levels when a new adjustment made by the [European] Commission," Gill said at a press briefing in Brussels on Tuesday.

Answering follow-up questions, he pointed out that the unified position of the G7 regarding the price of Russian oil is important for the efficient use of this measure. At the same time, he admitted that the coordinated position has not been achieved yet.

"That is something we are trying to work towards in these discussions," he said.

The United Kingdom has already joined the new oil price cap mechanism, and discussions with other G7 members are continuing, Gill said.

On July 18, the Council of the EU endorsed the 18th package of anti-Russian sanctions, including the Russian oil price cap reduced to $47.6 per barrel.

On the same day, the UK announced joining the EU in lowering the price cap on Russian oil to $47.6 per barrel.