G7 begins to press Russia on Ukraine with oil price cap - Reuters

G7 begins to press Russia on Ukraine with oil price cap - Reuters

G7 begins to press Russia on Ukraine with oil price cap - Reuters
Dec 05, 2022 1 min, 37 secs

KYIV, Dec 5 (Reuters) - A Group of Seven (G7) price cap on Russian seaborne oil came into force on Monday as the West tries to limit Moscow's ability to finance its war in Ukraine, though Russia has said it will not abide by the measure even if it has to cut production.

The G7 nations and Australia on Friday agreed a $60 per barrel price cap on Russian seaborne crude oil after European Union members overcame resistance from Poland which wanted it even lower.

official said in October that Russia can access enough tankers to ship most of its oil beyond the reach of the cap, underscoring the limits of the most ambitious plan yet to curb Russia's wartime revenue.

Ukrainian President Volodymyr Zelenskiy said $60 was too high to stop Russia waging war in Ukraine.

In Kryvyi Rih, among the largest cities in southern Ukraine, Russian rockets killed one person and wounded three just after midnight, the governor of the Dnipropetrovsk region, Valentyn Reznichenko, said.

In the southern Kherson region, where Ukraine has forced Russian forces to withdraw across the Dnipro River, governor Yaroslav Yanushevych said Russian shelling had killed two people in the past 24 hours.

Inside Russia, three people were killed and six injured on Monday after a fuel tanker exploded at a Russian airfield near the city of Ryazan, southeast of Moscow, the RIA Novosti news agency reported, without giving a cause.

Zelenskiy said Ukrainian forces were holding positions along the front line, including near Bakhmut in the east, viewed as Russia's next target in their advance through Donetsk region.

Russia's defence ministry said its troops were conducting successful operations around Bakhmut and had pushed back Ukrainian attacks towards Donetsk city, where Russian-installed officials said Ukraine fired at least 10 Grad rockets.

"To get through this winter, we must be even more resilient and even more united than ever," Zelenskiy said in an overnight video address.

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