Russian authorities have rejected a price cap on the country’s oil set by Ukraine’s Western supporters and are threatening to stop supplying the nations that endorsed it. Australia, Bri…
KYIV, Ukraine — Russian authorities rejected a price cap on the country’s oil set by Ukraine’s Western supporters and threatened Saturday to stop supplying the nations that endorsed it.
“From this year, Europe will live without Russian oil,” Ulyanov tweeted. “Moscow has already made it clear that it will not supply oil to those countries that support anti-market price caps. Wait, very soon the EU will accuse Russia of using oil as a weapon.” Under Friday’s agreements, insurance companies and other firms needed to ship oil would only be able to deal with Russian crude if the oil is priced at or below the cap. Most insurers are located in the EU and the United Kingdom and could be required to observe the ceiling.
“What happens in China will help shape whether the price cap has any teeth,” said Jim Burkhard, an oil markets analyst with IHS Markit. He said dampened demand from China means most Russian crude exports are already selling below $60. Kyrylo Tymoshenko, the deputy head of the president’s office, said the attacks killed one civilian and wounded four others in eastern Ukraine’s Donetsk region. According to the U.K. Defense Ministry, Russian forces “continue to invest a large element of their overall military effort and firepower” around the small Donestsk city of Bakhmut, which they have spent weeks trying to capture.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
EU tentatively agrees $60 price cap on Russian seaborne oil -documentEuropean Union governments tentatively agreed on Thursday on a $60 a barrel price cap on Russian seaborne oil - an idea of the Group of Seven (G7) nations - with an adjustment mechanism to keep the cap at 5% below the market price, a document seen by Reuters showed.
Read more »
EU edges closer to $60-per-barrel Russian oil price capBRUSSELS (AP) — The European Union was edging closer to setting a $60-per-barrel price cap on Russian oil — a highly anticipated and complex political and economic maneuver designed to keep Russia's supplies flowing into global markets while clamping down on President Vladimir Putin's ability to fund his war in Ukraine .
Read more »
Western allies move to cap the price of Russian oil at $60 a barrelAfter months of lobbying by the United States and days of fraught negotiations, Ukraine’s allies are closer to implementing a plan to cap the price of Russian oil starting next week.
Read more »
European Union officials set Russian oil price cap at $60 a barrelThe European Union on Friday agreed to cap Russian oil prices at $60 a barrel, after several days of intense negotiations over an appropriate level.
Read more »
EU Backs Russian Oil Price Cap of $60 Per BarrelThe European Union reached a deal on a $60 a barrel cap on the price of Russian oil Friday, paving the way for the Group of Seven advanced democracies to launch the unprecedented mechanism on Monday, diplomats said.
Read more »