Russia does not accept oil price cap, Ukraine claims the measure is insufficient

(Patria) - Russia will not accept an oil price cap and is currently analyzing the situation, and further decisions will be announced once it is completed, spokesperson for the President of Russia Dmitry Peskov stated at a press conference.

“We expected this decision and have already made some preparations. We will certainly not accept the price cap on our oil, and how we will organize further work will be announced after a detailed analysis, which will be done quickly,” Peskov said, reports Tass.

The Group of Seven, the European Union, and Australia have decided to cap the price of Russian oil delivered by sea at $60 per barrel. Other countries are not prohibited from buying it, but shipping and insurance companies from countries that have imposed these sanctions will be prohibited from transporting and insuring it if it is more expensive than that, agencies recall.

The Financial Times reported that Russia was preparing for this Western move and had therefore bought at least 103 oil tankers since the beginning of the year.

This could be a way for Russia to avoid these sanctions, as this decision does not penalize Russian companies that would carry out the transport.

Ukraine: Not enough

The agreed price cap of $60 on Russian oil is not serious and will hardly deter Russia from the war in Ukraine, said Ukrainian President Volodymyr Zelenskyy.

“It is unlikely that such a cap could be called a serious decision. It is quite comfortable for the budget of a terrorist state,” he said in a video address, adding that “it is only a matter of time before stronger tools will have to be used. It is a pity that this time will be lost.”