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Saturday, February 4, 2023

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Russia says it will not accept oil price cap imposed by the European Union

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THE Russia stated that it will not accept the oil price ceiling determined by the G7, which brings together seven of the largest economies in the world, and the European Union (HUH). O Kremlin says it is preparing a response to the Western powers’ deal, according to spokesman Dmitry Peskvov. The maximum value per barrel was set at US$ 60. This was the first reaction of the Russian government after the agreement between the G7 and the EU to define the limit value, which will prohibit companies from the signatory countries from offering services that authorize the delivery of Russian oil in the world , if the product is sold above the established price. “Now we are looking into it. Certain preparations were made for such a ceiling. We will let you know how the work will be organized, after the analysis, which will be done quickly”, said Peskov. Last month, a presidential decree aimed at prohibiting Russian companies and other oil traders in the country from reselling oil to anyone participating in price cap negotiations. The measure would prohibit any reference to a price ceiling and the shipment of the product to countries that adopt the restrictions. An EU measure, which aims to embargo most imports of Russian oil, begins on Monday, 5.

Ukrainian President Volodymir Zelensky was critical of the stipulated amount. According to Zelensky, the decision is “comfortable for the budget of the terrorist state”. In the view of the Chief Executive of Ukraine, the figure should be twice as low. “”The logical thing would be to establish a maximum price for a barrel of Russian oil of US$ 30, instead of US$ 60, as proposed by Poland and the Baltic countries, ”he said. “It’s only a matter of time before we equip ourselves with stronger tools. It is a pity the time we are wasting”, completed Zelensky. Treasury Secretary Janet Yellen said the limit would benefit low- and middle-income countries that suffered losses from rising energy and food prices. 🇧🇷With Russia’s economy already contracting and its budget tightening, the price cap will immediately reduce (President Vladimir) Putin’s most important source of revenue,” he said. Russia’s embassy in the United States calls the decision a “dangerous Western move”, saying Moscow must continue to find buyers for its oil. “Measures such as these will inevitably result in increasing uncertainty and imposing higher costs on raw material consumers. Regardless of the current dalliances with the dangerous and illegitimate instrument, we are confident that Russian oil will continue to be in demand,” he said.

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Source: Jovempan

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