Price cap on Russian oil will help protect economies from Russian hybrid aggression: Zelensky

New energy sanctions “will restore justice to all Europeans whom Russia is trying to blackmail with artificially high prices on the energy market,” Ukraine’s president Volodymyr Zelensky has said.

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Photo:EPA/ETIENNE LAURENT

The comment came after the G7 countries agreed to impose a price cap on Russian oil in an attempt to hit the Kremlin’s ability to fund its aggression on Ukraine.

The G7 (Group of Seven), which consists of the US, Canada, UK, France, Germany, Italy, and Japan, said that the price cap would also help cut global energy prices.

“We will continue to stand with Ukraine for as long as it takes,” the G7 said.

In a statement published on social media, Zelensky said that “the price of Russian gas must also be limited […] Such energy sanctions against Russia are long overdue. Sanctions that will not only limit the flow of dollars and euros for gas and oil to Moscow, but also restore justice to all Europeans whom Russia is trying to blackmail with artificially high prices on the energy market.”

UK public broadcaster BBC reported that Russia said it would stop selling oil to countries that agreed to impose price caps.

“Companies that impose a price cap will not be among the recipients of Russian oil,” Moscow’s spokesperson Dmitry Peskov said.

The price cap is set to be imposed before December 5. The introduction of the measure was proposed by US President Joe Biden.

Although Russia’s oil exports are at their lowest since last year, sales revenues have increased by USD 700 million due to rising prices, which have increased by about 40 percent since the beginning of the year.

(jh)

Source: IAR, BBC

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