Six countries are calling for quick action to drain Russia’s war coffers

According to a recent letter from six EU countries, lasting peace can only be achieved in Ukraine by continuing to support Ukraine and by increasing the limitation of Russia’s ability to wage war.

In a letter updated on January 11, Finland, Sweden, Denmark, Estonia, Latvia, and Lithuania demand a drop in the Russian oil price ceiling, so that Russia’s war-making possibilities weaken.

According to the EU Parliament’s estimate, the income from the sale of crude oil brings Russia about 12 billion dollars in income every month.

The oil price ceiling of the G7 countries, which entered into force in December 2023, prohibits companies from offering insurance and other services for the transportation of Russian oil if the price exceeds 60 dollars per barrel.

The letter from the six EU states insists that now is the time to tighten sanctions on Russia by lowering the oil price ceiling, as there will be more supply on the international oil market than in 2022, which will reduce the supply shock caused by a lower price ceiling. In addition, the countries consider that Russia will have to continue exporting oil, even if the price of oil is significantly lower than now.

The letter states that in addition to lowering the price of oil, other measures must also be taken to reduce Russia’s war chest.

The letter calls for more sanctions and actions against Russia’s shadow fleet, and also against those actors who facilitate Russian oil trade above the current price ceiling.

With the help of the shadow fleet, Russia circumvents the oil price ceiling set for it and other sanctions.

The EU countries ask the Commission to urgently promote the goal of lowering the oil price ceiling in the upcoming G7 negotiations.

The letter sent over the weekend by the six EU countries is addressed to the EU High Representative, Kaja Kallakselle and to the commissioner responsible for financial affairs and savings and investments, Maria Luis Albuquerquelle.