<div><span style="font-size: 1rem;">The price cap on Russian seaborne crude oil agreed to by the Group of Seven nations and Australia on Friday should be lowered to $30 per barrel to hit Russia's economy harder, a senior Ukrainian presidential aide said on Saturday.</span><br></div><div><br></div><div>"This was everything that was proposed by the McFaul-Yermak group, but it would be necessary to lower it to $30 to destroy the enemy's economy quicker," Andriy Yermak, head of Ukraine's presidential administration, wrote on Telegram referencing an international working group on sanctions.</div><div><br></div><div>The G7 and Australia have agreed a $60 per barrel price cap.</div><div><br></div><div>The group and Australia said in a statement the price cap would take effect on Dec. 5 or very soon thereafter.</div><div><br></div><div>The nations said they anticipated that any revision of the price would include a form of grandfathering to allow compliant transactions concluded before the change.</div><div><br></div><div>The price cap will allow non-EU countries to continue importing seaborne Russian crude oil, but it will prohibit shipping, insurance and re-insurance companies from handling cargoes of Russian crude around the globe, unless it is sold for less than the price cap.</div><div><br></div><div>Because the most important shipping and insurance firms are based in G7 countries, the price cap would make it very difficult for Moscow to sell its oil for a higher price. Source: Reuters&nbsp;</div><div><br></div><div>bnbd24/fas</div>