Estonia has joined several European Union nations in calling for a reduction in the G7 price cap on Russian oil and in ending all Russian natural gas and Liquefied Natural Gas (LNG) imports to the union.

Six European Union countries on Monday called on the European Commission to lower the $60 per barrel price cap put on Russian oil by G7 countries, arguing it would reduce Moscow's revenues to continue the war in Ukraine while not causing a market shock.

The proposal will be reviewed by G7 countries, according to EC spokesperson Olof Gill. Read also: US sanctions drive oil price jump as China and India seek new suppliers "We have received the letter," Gill said during a briefing in Brussels.

Sweden, Denmark, Finland, Latvia, Lithuania, and Estonia have urged the European Commission to further decrease the $60 per barrel price cap on Russian oil set by the G7, Reuters reported on Jan. 13,