Ukrainian President Volodymyr Zelenskyi on Saturday criticized the capping of the price of a barrel of Russian oil at $60 after the agreement reached by the EU, the G7 and Australia, saying that it cannot be a “serious decision”. Kyiv offers half the price, writes AFP.

Volodymyr ZelenskyiPhoto: press service of the President of Ukraine / AP – The Associated Press / Profimedia

“The establishment of such a limit on Russian prices, which is quite comfortable for the budget of a terrorist state, cannot be called a serious decision,” he said.

The G7 countries, along with Australia, agreed on Friday to cap the price of Russian oil at $60 per barrel, in line with an agreement reached earlier by the 27 countries of the European Union.

“The G7 and Australia (…) have reached a consensus on a maximum price of $60 per barrel for crude oil of Russian origin transported by sea,” said the joint statement of these countries.

The deal was agreed on Thursday by the EU in coordination with G7 allies, notably the US and Britain, but Poland disagreed, asking for a lower ceiling, with some sources citing $30 a barrel. Ultimately, on Friday, Warsaw accepted a maximum price of $60 per barrel.

The measure, aimed at reducing Russia’s revenue in the context of its war against Ukraine, is in addition to a European embargo on imports of Russian oil by sea that comes into effect on Monday.

Specifically, with this ceiling, the EU prohibits European companies engaged in the delivery of Russian oil by sea (transport companies, insurance companies, etc.) from offering their services if the delivered oil exceeds the threshold of $60 per barrel.

Ukraine’s proposal to limit the prices of Russian oil

Last week, Ukraine proposed to set a price ceiling for Russian oil at the level of about 30-40 dollars per barrel.

“I believe that the limit being considered today is an artificial limit,” said President of Ukraine Volodymyr Zelenskyi, who constantly calls on allies to strengthen sanctions against Russia.

“We would like the sanctions to be very effective in this fight, so that the limit is at the level of $30-40, so that Russia feels (the sanctions),” he said at a press conference.

Apart from Poland, Estonia and Lithuania also argued in the EU for a lower maximum price, while Greece, the country with the largest number of oil tankers registered in the world, as well as Malta and Cyprus, favored a higher maximum price.

Read also:

  • The price of Russian oil will be capped at $60 per barrel from Monday. What does it mean
  • EU countries have agreed on a price ceiling for Russian oil. A mechanism so that Moscow does not collect the market price, regardless of the quotation
  • Russian oil was capped at $60 per barrel / The decision takes effect on Monday
  • Russia will not agree to price restrictions on Russian oil / Peskov: We were ready for restrictions
  • Russia says capping the price of its oil is “dangerous” but will find other buyers
  • A Russian lawmaker says the EU is “risking its energy security” by imposing price caps

___

  • Follow the latest events of the war in Ukraine LIVETEXT on HotNews.ro