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Zelenskyy slams price cap on Russian oil as ‘weak’ – POLITICO

Ukrainian President Volodymyr Zelenskyy mentioned the decision to impose a $60 price cap on Russian seaborne oil can’t be referred to as “a serious decision” as that degree is “quite comfortable” for Russia’s finances.

The EU on Friday agreed to place a restrict on Russian oil costs of $60 a barrel, after days of argument over how arduous to hit Russian President Vladimir Putin’s oil revenues. The cap was joined by the G7 nations and Australia.

“It’s a weak position,” Zelenskyy mentioned in his nightly address on Saturday. It’s solely a matter of time earlier than stronger measures towards Moscow will must be used, the Ukrainian chief mentioned. “It is a pity that the time will be lost,” he mentioned.

Russia has already inflicted “huge losses” internationally by intentionally destabilizing the worldwide power market, Zelenskyy mentioned. But the world nonetheless can’t dare undertake “real energy disarmament” of the Kremlin, he mentioned.

Moscow rejected the price restrict and mentioned Russian officers “are assessing the scenario,” based on a TASS report.

“Certain preparations for such a cap have been made,” Kremlin spokesman Dmitry Peskov said on Saturday. “We won’t settle for the price cap.”

Zelenskyy mentioned that with the price restrict for Russian oil on the degree of $60 as an alternative of $30, which Poland and the Baltic states had proposed, the Russian finances will obtain about $100 billion a 12 months.

This cash, Zelenskyy believes, shall be channeled “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 mentioned

On Saturday morning, Andriy Yermak, head of Ukrainian presidential workplace, wrote on social media that a special working group on Russian sanctions additionally proposed a $30 cap. The working group is chaired by Yermak and Michael McFaul, former U.S. National Security Adviser.

Under the deal agreed to on Friday, Western nations will ban insurance coverage and transport corporations from providing their providers to Russian oil shipments to 3rd nations if the oil is bought above the price cap. The ban applies to all EU vessels, whether or not they’re EU-flagged, or owned, chartered or operated by an EU firm.

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