Russia won’t accept oil price cap – Kremlin
The EU and G7 have agreed to a $60 per-barrel ceiling for the purchase of Russian crude | Moscow is not planning to recognize a Western-imposed price cap on Russian seaborne oil exports, Kremlin spokesman Dmitry Peskov said on Saturday, adding that the government is currently carrying out a review of the situation. 💬 “Now we are analyzing,” Peskov told journalists. “Some preparation was carried out for such a ceiling. We will not accept this ceiling, and we will provide further information on how the work will be organized after the review.” ● On Friday, the EU finally agreed to cap the price of Russian seaborne crude at $60 per barrel, which had been proposed by the US and backed by the Group of Seven in September. The step paves the way for official approval of the measure over the weekend. ● The cap, which seeks to further sanction Moscow over the military operation in Ukraine, will prohibit Western companies from insuring or financing vessels transporting Russian oil, unless the cargo is purchased at or below the artificial price level. It is set to take effect on December 5 or “very soon thereafter.”