The Foreign Minister: Lower the Oil Price Ceiling

Foreign Minister Maria Malmer Stenergard wants to lower the price ceiling on Russian oil. The lower the price for Russian oil, the faster the peace, she says in her speech at the defense conference in Sälen.

» Published: January 12 2025

The Foreign Minister: Lower the Oil Price Ceiling
Photo: Pontus Lundahl/TT

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Malmer Stenergard has, together with Nordic and Baltic colleagues in the EU, written a letter to urge the EU Commission to propose a lowered oil price ceiling within the G7 coordination.

Russia's economy stands and falls with the oil price. The oil finances the war, she says.

As a calculation example, she mentions that a reduction of 10 dollars per barrel would mean losses for Russia of 200 billion kronor per year, which corresponds to 15 percent of the Russian war chest.

Sweden is also intensifying, according to the Foreign Minister, the work on preventing the so-called shadow fleet, which Russia uses to circumvent the oil price ceiling. The vessels can, however, be difficult to reach when they sail on international waters.

But we must not give up in any way, says Malmer Stenergard.

A lowered oil price ceiling and combating the shadow fleet go hand in hand, she believes.

Together, they reduce Russia's opportunities to harm us.

It was in October 2022 that the EU and G7 countries introduced the price ceiling on exported Russian oil to limit Russia's economic revenues. The ceiling of 60 dollars per barrel has, however, been criticized for being toothless.

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By TTEnglish edition by Sweden Herald, adapted for local and international readers

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