The European Commission has told EU states that the $60 per barrel price cap on Russian oil has been effective in reducing the Kremlin's oil revenues without destabilizing the market, and the price ceiling will remain unchanged for the time being, reports Bloomberg..

This week, the bloc's executive told diplomats from 27 EU countries that most G7 states are not yet ready to lower the price cap, according to people familiar with the matter..

The report from the International Energy Agency, which was the basis of the revision of the price ceiling, says that the mechanism has achieved its goals - reduced Moscow's revenues and kept world oil prices from a sharp jump..

The agency's latest monthly report says the cap affects the price at which Russian oil and petroleum products are sold..

The weighted average export price of Russian oil was $52.48 per barrel, excluding transportation and insurance costs. According to the IEA, Urals oil, Russia's main export brand, was selling in the Black Sea for $45.27, while ESPO, Sakhalin and Sokol are selling above the marginal price..

Previously, the G7 countries agreed to revise the price cap in mid-March, and EU law stipulates that the goal should be to keep the threshold at 5% below average market prices.. Based on this, a group of EU countries, including Poland and Estonia, insisted on lowering the limit.

According to the agreed rules, EU and G7 companies can provide transportation and insurance services necessary for the transportation of Russian oil to third countries only when the products were purchased at a price below or not exceeding the established limit.. Russia is free to transport and sell oil at any price, as long as it does not use the services and tankers of the G7 countries and the EU.

Russia still relies on Western insurers to insure more than half of the tanker fleet that exports its oil, according to Bloomberg..

However, some EU representatives stated that there is some openness to making the price cap mechanism less restrictive, without specifying what exactly this means in practice..

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Finnish researchers have said earlier that price caps and an EU embargo on most Russian oil have cut Moscow's fossil fuel revenues, but the Kremlin is still earning heavily to fund the war in Ukraine because the $60 per barrel cap was "