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Russia rejects $60 oil price cap, warns of response - Al Jazeera English

Russia rejects $60 oil price cap, warns of response - Al Jazeera English

Russia rejects $60 oil price cap, warns of response - Al Jazeera English
Dec 03, 2022 1 min, 0 secs

Ukraine’s Western allies approve oil price cap to starve Russia of revenues as Kyiv pushes for a lower cap as the war continues.

Russia has rejected a $60 price cap on its oil set by Ukraine’s Western allies and warned of a response as President Volodymyr Zelenskyy said it was “quite comfortable” for Moscow amid a push from Kyiv for a lower cap.

Kremlin spokesman Dmitry Peskov said on Saturday that Russia would not accept the price ceiling, adding that it needed to analyse the situation before deciding on a specific response.

The EU, G7 and Australia on Saturday approved the $60 per barrel price cap on Russian seaborne oil.

A G7 price cap on petroleum products will also be set at a later date, using exactly the same mechanism as for crude oil, the Commission said.

“Ukraine has been calling since the beginning of the Russian invasion for a complete embargo on all Russia’s energy products,” Challands said.

In southern Ukraine’s Kherson province, whose capital city of the same name was liberated by Ukrainian forces three weeks ago following a Russian retreat, Governor Yaroslav Yanushkevich said evacuations of civilians stuck in Russian-held territory across the Dnieper River would resume temporarily.

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