Most G7 countries, including European nations, Canada, and Britain, expressed readiness to lower the Russian oil price cap from $60 to $45 per barrel without the support of the United States, according to multiple sources and Reuters reports in June 2025. However, by mid-June, the European Union postponed and ultimately abandoned the proposal to reduce the price cap amid escalating tensions in the Middle East and concerns over volatile global oil markets. In July 2025, Estonia threatened to block the EU's 18th sanctions package against Russia unless it included a lower price cap on Russian oil, advocating for a reduction from $60 to $45 per barrel. The European Commission proposed a floating price cap mechanism to adjust the cap in line with global oil price changes to maintain pressure on Russia's revenues. By mid-July, EU foreign policy chief Kaja Kallas indicated that the EU was very close to agreeing on the 18th sanctions package. On July 18, 2025, the European Union formally approved the 18th sanctions package against Russia, which included a reduction of the G7 crude oil price cap to approximately $47.60 per barrel. The United Kingdom joined the EU in lowering the crude oil price cap as part of efforts to further diminish Russia's oil revenues amid the ongoing war in Ukraine. The sanctions package also targeted Russia's oil and energy industry with measures such as blacklisting over 100 tankers, banning imports of fuel made from Russian crude, and imposing new banking restrictions. The EU's foreign policy chief described the package as one of the bloc's strongest against Moscow to date.