Kremlin spokesman Dmitry Peskov said Moscow had made preparations for yesterday’s announcement of the cap by the Group of Seven (G7), the European Union (EU) and Australia
THE Russia It “will not accept” a cap on the price of Russian oil and is considering how to respond, the Kremlin said today, responding to a deal by Western powers aimed at curbing a critical source of funding for Moscow’s war in Ukraine.
Kremlin spokesman Dmitry Peskov said Moscow had made preparations for yesterday’s announcement of the cap by the Group of Seven (G7), the European Union (EU) and Australiaas reported by the state news agency TASS.
“We will not accept this ceiling,” he said, according to the RIA news agency. He added that Russia would quickly conduct an analysis of the deal and then respond, RIA reported.
Russia has repeatedly said it will not supply oil to countries that adopt the cap — a position reaffirmed today by Mikhail UlyanovMoscow’s ambassador to international organizations in Vienna, in posts on social networking sites.
“Starting this year, Europe will live without Russian oil,” he said.
The G7 cap would allow non-EU countries to continue importing seaborne Russian crude, but would bar shipping, insurance and reinsurance companies from handling cargoes of Russian crude around the world unless it is sold below from 60 dollars. This can complicate the transport of Russian crude priced above the cap, even to countries that are not parties to the deal.
US Treasury Secretary Janet Yellen said the cap would be particularly beneficial to low- and middle-income countries that have been hit hardest by high energy and food prices.
“With Russia’s economy already shrinking and its budget increasingly squeezed, the cap would immediately cut into (President Vladimir) Putin’s most important source of income,” Yellen said in a statement.
In a post on the Telegram app, the Russian embassy in the US criticized the “dangerous” move by the West and argued that Moscow will continue to find buyers for its oil.
“Such steps will inevitably result in increased uncertainty and higher costs for raw material consumers,” it said.
“Regardless of the current flirtation with the dangerous and illegal tool (ie the cap), we are confident that Russian oil will continue to be in demand.”
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