Ukraine is calling on G7 leaders to impose a maximum price cap of $30 per barrel on Russian oil at the upcoming summit in Canada, Foreign Minister Andriy Sybiha announced Monday.
Speaking at a joint press conference in Kyiv with Lithuanian Foreign Minister Kestutis Budrys, Sybiha stressed that lowering the oil price ceiling remains one of the most impactful sanctions measures to pressure Russia amid ongoing conflict.
“Our position, which we believe is fair, is that the cap should be set at $30 per barrel. We have shared this vision with our partners and expect it to be formalized as a decision within the G7 framework during the forthcoming summit,” Sybiha said.
He also emphasized that strengthening sanctions remains a critical lever to compel Russia toward a just peace. “There are still numerous sectors where sanctions can be intensified, and such pressure should become economically destructive for Russia,” he added.
Beyond sanctions, frozen Russian assets represent another key tool to apply leverage, requiring “more will and determination” from the international community. Sybiha indicated that further measures regarding frozen assets should be anticipated from the G7 leaders’ meeting.
The Ukrainian minister also underscored the necessity of continuing Russia’s diplomatic isolation, asserting that “Russia’s reintegration into the international arena cannot be allowed without securing a just peace.”
In addition, Sybiha highlighted the importance of bolstering Ukraine’s defense capabilities as a fundamental factor to resist Russian aggression.
The G7 summit is scheduled to take place in Kananaskis, Canada, from June 15 to 17. This marks the seventh occasion Canada has chaired the G7 since the group’s formation 50 years ago.
