The price of Russian oil should be limited to 30 and 40 dollars per barrel, which is lower than the level proposed by the G7, Ukrainian President Volodymyr Zelenskyi said on Saturday, Reuters reports.

European Union governments, seeking to limit Moscow’s ability to finance the war in Ukraine without causing a shock to oil supplies, are divided over the G7’s attempts to set an upper limit at $65-$70 a barrel. The price cap will come into effect on December 5.

“The limit that is being considered today — about $60 — I think it’s an artificial limit,” said Zelensky, who has consistently pushed allies to introduce tougher sanctions of all kinds against Russia.

“We would like the sanctions to be very effective in this fight, so that the limit is at the level of $30-40, so that Russia feels (the sanctions),” he said at a press conference.

The idea behind the cap is to prevent shipping, insurance and reinsurance companies from handling cargoes of Russian crude around the world unless it is sold at a price below the price set by the G7 and its allies.

Poland, Estonia and Lithuania are pushing for a much lower ceiling of $65-70 a barrel, while Greece, Cyprus and Malta want a higher ceiling.

According to EU diplomats, a meeting of government representatives of EU member states scheduled for Friday night to discuss a Group of Seven (G7) proposal to cap the price of Russian oil has been canceled and will take place next week.

“There was not enough convergence of views,” said one diplomat.

“There will be no meeting tonight or this weekend,” said the second diplomat.