Treasury Secretary Scott Bessent reportedly asked finance ministers not to mention the oil price cap in a joint statement

US Treasury Secretary Scott Bessent requested the omission of "explicit language" on lowering the price cap for Russian oil from the joint statement of G7 finance ministers last week, the Financial Times has reported, citing officials briefed on the meeting.

During the gathering in the Canadian town of Banff, rotating chair Canada reportedly proposed including clear wording on tightening the oil price restrictions. The move was backed by France, Germany, Italy, the UK, and the EU. However, it was dropped at the request of Bessent, the FT claimed on Tuesday.

The final communique pledged only to "continue to explore all possible options, including options to maximize pressure such as further ramping up sanctions" if no ceasefire in the Ukraine conflict is reached.

Brussels is currently drafting its 18th sanctions package against Russia since the escalation of hostilities in 2022. The European Commission has reportedly proposed reducing the current $60 per-barrel cap on Russian crude to $45 - a change that would require unanimous EU approval and coordination with G7 partners.

The New York Times reported on Monday that US President Donald Trump is reluctant to tighten sanctions against Russia after holding a phone call with President Vladimir Putin last week. Meanwhile, the paper claimed, citing sources, that Trump is considering a complete withdrawal from the Ukraine peace process due to a lack of progress. According to Axios, the US president told European leaders that he believes "Putin wants a deal" and that diplomacy remains possible.

Kiev and its European backers have called for additional restrictions after Moscow rejected a Ukrainian demand for an unconditional 30-day ceasefire earlier this month, an idea viewed in Russia as an attempt by Kiev to gain a military advantage. Russian officials are currently working on a peace framework that could set the stage for an eventual halt to the fighting.

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Russia has repeatedly dismissed EU sanctions as ineffective and illegal. Following the announcement of the bloc's 17th package last week, Russian state defense conglomerate Rostec condemned the bloc as "a champion of meaningless measures."