President Volodymyr Zelensky has called for a significant reduction in the price cap on Russian oil, urging Western allies to lower the current limit from $60 to $30 per barrel in an effort to intensify economic pressure on Moscow and compel a ceasefire.
In his nightly address on June 10, Zelensky responded to the European Commission’s newly announced 18th package of sanctions against Russia. The latest proposal includes a revision of the oil price cap to $45 per barrel — a measure Zelensky described as a “step in the right direction,” but ultimately insufficient.
“Russia’s ability to continue the war is equal to its ability to sell its oil and bypass financial barriers,” Zelensky said. “That is why it is necessary to do everything possible to keep the price of Russian oil lower than they can withstand. Each of the partners knows what price cap is needed — $30, no higher. Such a price level will mean real pressure on Russia – they should be forced to seek peace.”
His comments followed one of the largest aerial assaults on Kyiv since the start of Russia’s full-scale invasion. Ukrainian air defense forces intercepted 479 Russian drones and missiles in what officials said was a record-breaking overnight attack.
The current $60-per-barrel cap was introduced in December 2022 by the Group of Seven (G7) nations and the European Union. It bars Western firms from shipping, insuring, or otherwise facilitating Russian oil sales priced above the cap, aiming to curtail the Kremlin’s ability to fund its military operations.
Further reductions to the cap were reportedly discussed at the G7 summit in May, but the United States opposed the proposal, stalling any consensus.
European Commission President Ursula von der Leyen stated on June 10 that the revised oil cap proposal will be discussed during the upcoming G7 summit from June 15–17.
Zelensky criticized the suggested $45-per-barrel cap as a “compromise price,” warning that such half-measures delay the prospect of peace.
“Enough compromises with Russia. Every such compromise is a postponement of peace,” he said. “We are asking for a real reduction in the price of Russian oil, which would bring us closer to ending the war.”
As Russia intensifies its assaults on Ukrainian cities, Zelensky stressed the need for swift and decisive international action.
“It is vital that there is no silence in response to the Russian escalation,” he said. “Russia has been steadily increasing the number of lethal weapons in strikes for months now.”
With renewed hostilities and mounting civilian threats, Ukraine continues to press for more robust economic sanctions to stifle Russia’s war effort.
