Ukrainian President Volodymyr Zelensky said on Saturday that a $60 price cap level on Russian oil, imposed by the G7 (Group of Seven), the European Union and Australia, is “not serious”.
To restrict Russia’s source of income, the West announced the oil price cap. This cap is in addition to an EU embargo on maritime deliveries of Russian crude oil. The oil cap, expected to come into effect on Monday, is aimed at restricting Moscow’s capability to finance the ongoing war in Ukraine.
But Zelensky says that is not enough. In his nightly address, he said, “Russia has already caused huge losses to all countries of the world by deliberately destabilizing the energy market.” The Ukrainian president described the decision as “a weak position”.
Zelensky added that it is “only a matter of time when stronger tools will have to be used anyway.” He said, “It is a pity that this time will be lost. The logic is obvious: if the price limit for Russian oil is $60 instead of, for example, $30, which Poland and the Baltic countries talked about, then the Russian budget will receive about a hundred billion dollars a year… This money will also be used to further destabilize precisely those countries that are now trying to avoid big decisions.”
During the negotiations, Poland tried to hold out for a lower threshold of $30, before finally agreeing on Friday to the higher ceiling.
Meanwhile, Russia has rejected the price cap and called it “dangerous”. Kremlin spokesman Dmitry Peskov told domestic news agencies: “We will not accept this price cap.” Peskov also said that Russia was “analysing” the move.
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