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Russia “will not accept” a price cap on its oil and is analysing how to respond, the Kremlin said in comments reported on Saturday, in response to a deal by western powers aimed at limiting a key source of funding for its war in Ukraine. The price cap on Russian seaborne oil was adopted by the G7 and Australia, after it was agreed by EU countries.
President Volodymyr Zelenskiy said the $60 price cap on seaborne Russian oil is not serious and will do little to deter Russia from waging war in Ukraine. “It’s only a matter of time before stronger tools will have to be used anyway. It is a pity that this time will be lost,” he said in a video statement on Saturday.
US treasury secretary Janet Yellen said the cap will particularly benefit low- and medium-income countries that have borne the brunt of high energy and food prices. “The price cap will immediately cut into (President Vladimir) Putin’s most important source of revenue,” Yellen said in a statement.
Russia’s embassy in the US criticised what it called the “dangerous” western move and said Moscow would continue to find buyers for its oil.
US defense secretary Lloyd Austin on Saturday accused Russia of “deliberate cruelty” in its war in Ukraine, saying Moscow was intentionally targeting civilians.
