Western countries on Monday began imposing a $60-per-barrel price cap and ban on some types of Russian oil, part of new measures aimed at stepping up pressure against Moscow over its war on Ukraine.
The European Union, along with Australia, Britain, Canada, Japan and the United States agreed to the price cap on Friday. The move has prompted a rejection from Kremlin and also criticism from Ukrainian President Volodymyr Zelenskyy — whose government wants the cap to be half as high.Questions have arisen about just how the Western measures will affect market prices. On Monday, U.S. benchmark crude traded up 90 cents to $80.88.
Russian Deputy Prime Minister Alexander Novak, who is in charge of energy issues, warned in televised comments on Sunday that Russia won’t sell its oil to countries that would try to use the cap. The Ukrainian government demanded over the weekend a lower price cap, to $30 per barrel, insisting that at the $60 level Russia would still reap annual oil revenues of $100 billion — money that can be used to finance its war machine.
In recent weeks, Russia has been pounding Ukrainian infrastructure — including power plants — with military strikes and keeping an offensive going in the east, notably in and around the town of Bakhmut.
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.
Russian oil cap begins, trying to pressure Putin on UkraineWestern countries on Monday began imposing a US$60-per-barrel price cap and ban on some types of Russian oil, part of new measures aimed at stepping up pressure against Moscow over its war on Ukraine.
Read more »
Exclusive: Alberta government seizes Calgary condos for Russian company sanctioned over Ukraine war | Globalnews.caExclusive: Alberta government seizes Calgary condos for Russian company sanctioned over Ukraine war
Read more »
Why is it taking so long for Ukraine to join NATO? Experts weigh inAfter Russia annexed four regions of Ukraine in September amid its ongoing invasion of the eastern European country, Ukraine announced it had signed an accelerated application to join the North Atlantic Treaty Organization. Will Ukraine become a NATO member anytime soon? CTVNews.ca turned to experts on Russia's war in Ukraine to better understand.
Read more »
Parkland to double size of announced EV charging network in western CanadaParkland Corp. of Calgary says it’s received financial support from the federal and B.C. governments to build a network of electric-vehicle (EV) charging stations.
Read more »
Chinese President Xi Jinping unwilling to accept Western vaccines, U.S. official saysDespite threat from protests, Chinese leader Xi Jinping is unwilling to accept Western vaccines
Read more »