Russia: price cap is 'dangerous' and will not curb demand for our oil




  • In Business
  • 2022-12-03 08:54:58Z
  • By Reuters
 

(Reuters) - Russia said on Saturday it would continue to find buyers for its oil, despite what it said was a "dangerous" attempt by Western governments to introduce a price cap on its oil exports.

A coalition of Western countries led by the G7 group of nations agreed on Friday to cap the price of Russian seaborne oil at $60 a barrel, as they aim to limit Moscow's revenues and curb its ability to finance its invasion of Ukraine.

Russian President Vladimir Putin and high-ranking Kremlin officials have repeatedly said that they will not supply oil to countries that implement the price cap.

In comments published on Telegram, Russia's embassy in the United States criticised what it said was the "reshaping" of free market principles and reiterated that its oil would continue to be in demand despite the measures.

"Steps like these will inevitably result in increasing uncertainty and imposing higher costs for raw materials' consumers," it said.

"Regardless of the current flirtations with the dangerous and illegitimate instrument, we are confident that Russian oil will continue to be in demand."

The G7 price cap will allow non-EU countries to continue importing seaborne Russian crude oil, but it will prohibit shipping, insurance and re-insurance companies from handling cargoes of Russian crude around the globe, unless it is sold for less than the price cap.

(Reporting by Caleb Davis; Editing by Kirsten Donovan)

COMMENTS

More Related News

Russia: NATO involvement in Ukraine threatens
Russia: NATO involvement in Ukraine threatens 'unpredictable' escalation
  • US
  • 2023-02-07 11:44:45Z

"The U.S. and its allies are trying to prolong the conflict as much as possible," Defence Minister Sergei Shoigu said in a conference call with military...

Russian shells spark hospital fire before expected assault
Russian shells spark hospital fire before expected assault
  • US
  • 2023-02-07 10:09:10Z

Russian shelling hit more civilian targets in Ukraine, starting a fire at a town's hospital and damaging five apartment buildings, local officials said...

Russia
Russia's deficit hits $25 billion due to sanctions - media reports

The Russian government's oil and gas revenues slumped in January, contributing to the biggest budget deficit for the first month of the year since at least...

Ukraine Latest: Kyiv Urges Germany to Supply Fighter Jets, Ships
Ukraine Latest: Kyiv Urges Germany to Supply Fighter Jets, Ships

(Bloomberg) -- The situation on the frontline is "very precarious" and Ukrainian forces need Germany to take the lead in forging a coalition to send fighter ...

Russia
Russia's oil and gas revenue crashed by nearly 50% at the start of 2023, leading to a wider budget deficit as Moscow's spending soars
  • World
  • 2023-02-06 20:44:10Z

Russia's deficit widened to nearly $25 billion as lower energy revenue met with a surge in spending amid Putin's war on Ukraine.

Leave a Comment

Your email address will not be published. Required fields are marked with *

Cancel reply

Comments

Top News: Business