Commission President Ursula von der Leyen proposes to lower the current level from 60 to 45 dollars per barrel.
We are increasing the pressure on Russia, because strength is the only language Russia understands, says von der Leyen at a press conference in Brussels.
The price cap of 60 dollars was reached through an agreement within the G7 in December 2022, which aimed to cut Russia's income from fuel exports. The G7 leaders meet in Canada next week.
The EU's sanctions package, the 18th in order, is also proposed to include new measures against Russia's so-called "shadow fleet" of aging tanker ships used to circumvent sanctions on Russian oil exports.
The sanctions must be approved by all 27 EU countries.
