Russia is threatening to stop supplying Western allies of Ukraine with oil after rejecting a proposed price cap of $60 per barrel.
Kremlin spokesman Dmitry Peskov said Saturday that Russia will need more time to formally respond, but that it will not be accepting the price ceiling agreed upon on Friday by the U.S., Japan, Canada, Britain, Australia, and the European Union as a measure to cut Putin’s funding for the war in Ukraine.Mikhail Ulynov, Russia’s permanent representative to international organizations in Vienna, slammed the agreement by Ukraine’s Western supporters and warned they would regret the decision..
Ukrainian President Volodymyr Zelensky’s office, meanwhile, called for an even lower price cap, saying the one adopted by the EU and the Group of Seven leading economies didn’t go far enough. Russia is threatening to stop supplying Western allies of Ukraine with oil after rejecting a proposed price cap.On the open market, Brent Crude oil, the type most often used in Europe, closed at $85.42 per barrel, but Russia’s oil hasThe G7 nations joined Australia and the EU in adopting the price cap on Friday after the agreement was delayed by Poland, which sought to lower the cap further but relented after other countries signaled that they would back out.
“Together, the G7, European Union, and Australia have now jointly set a cap on the price of seaborne Russian oil that will help us achieve our goal of restricting Putin’s primary source of revenue for his illegal war in Ukraine while simultaneously preserving the stability of global energy supplies,” Treasury Secretary Janet Yellen
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