10:04 05.12.2022

Zelensky unimpressed by price cap of $60 per barrel of Russian oil

2 min read
Zelensky unimpressed by price cap of $60 per barrel of Russian oil

President of Ukraine Volodymyr Zelensky said that the price cap of $60 per barrel of Russian oil exported from Russia by sea, set by the G7 countries, Australia and the EU, is not a big decision.

"The discussion on price caps, i.e. on limiting the export price of Russian oil, has ended in the world. Unfortunately, without big decisions, as you wouldn't call it a big decision to set such a limit for Russian prices, which is quite comfortable for the budget of a terrorist state," Zelensky in a video address on Saturday evening.

The President said that Russia has already caused huge damage to all countries of the world by the deliberate destabilization of the energy market, and the world cannot dare its real energy disarmament.

"It's a weak position. And it's only a matter of time when stronger tools will have to be used anyway. It is a pity that this time will be lost. The logic is obvious: if the price limit for Russian oil is $60 instead of, for example, $30, which Poland and the Baltic countries talked about, then the Russian budget will receive about a hundred billion dollars a year," he said.

"This money will go not only to the war and not only to Russia's further sponsoring of other terrorist regimes and organizations. This money will also be used to further destabilize precisely those countries that are now trying to avoid big decisions," he said.

On December 3, the G7 countries, together with Australia, agreed to set a price cap for oil exported from Russia by sea at $60 per barrel. Almost simultaneously with the G7, European Commission President Ursula von der Leyen spoke, saying that the countries of the European Union also agreed to limit the price of Russian oil at $60 per barrel.

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