THE Russia declared that it would not accept the oil price cap set by the G7, which brings together seven of the world’s largest economies, and the European Union (HH). O Kremlin According to spokesman Dmitry Peskvov, it is preparing a reaction to the Western powers’ deal. The maximum per barrel was set at US$60. This was the Russian government’s first reaction after the agreement between the G7 and the EU to set the limit that will ban companies from signatory countries from offering services that would prevent the supply of Russian oil to the world if the product exceeds the set limit price is sold. “Now let’s look at it. Certain preparations have been made for such an upper limit. After the analysis, we will tell you how the work will be organized, which will be done quickly,” said Peskov. Last month, a presidential decree aimed to ban Russian companies and other oil traders in the country from reselling oil to people participating in price cap negotiations. The measure would ban any reference to a price cap and shipping of the product to countries adopting the restrictions. An EU measure aimed at blocking most Russian oil imports begins Monday, May 5.
Ukrainian President Volodymir Zelenskyy criticized the agreed sum. According to Zelenskyy, the decision is “convenient for the terrorist state’s budget”. According to the Prime Minister of Ukraine, the number should be twice as low. “It would be logical to set a maximum price for a barrel of Russian oil at $30 instead of $60 as proposed by Poland and the Baltic countries,” he said. “It’s only a matter of time before we equip ourselves with more powerful tools. Too bad we’re wasting time,” added Zelensky. Treasury Secretary Janet Yellen said the limit would benefit low and middleincome countries that have suffered losses from rising energy and food prices. “As Russia’s economy is already contracting and its budget is being tightened, the price cap will immediately eat away at Putin’s main source of income,” he said. The Russian Embassy in the United States has called the decision a “dangerous move by the West” and says Moscow must continue to find buyers for its oil. “Measures like these will inevitably result in increasing uncertainty and higher costs for commodity consumers. Regardless of the current dalliances with the dangerous and illegitimate instrument, we are confident that Russian oil will continue to be in demand,” he said.