Moscow: Russia has announced a strong response to the setting of oil price limits by European countries.
According to details, Russia has rejected Ukraine’s Western allies’ $60 oil price ceiling and warned of retaliation.
Kremlin spokesman Dmitry Peskov said on Saturday that Russia would not accept a price ceiling, adding that the situation needed to be analyzed before deciding on a specific response.
The European Union, the G7 and Australia on Saturday approved a $60-a-barrel price cap on Russian seaborne oil, effective December 5.
On the other hand, US President Joe Biden has said that by setting a limit on the price of Russian oil, we will stop Putin’s war ambitions.
According to EU President Ursula van der Leyen, the price cap will significantly reduce Russia’s income, as Russia will only be able to export oil at subsidized prices by tanker.
Russia says such a decision would affect the entire market system and have a negative impact on the global oil industry.