Russia will refuse price cap on oil exports| MENAFN.COM

Thursday, 02 February 2023 06:22 GMT

Russia will refuse price cap on oil exports


(MENAFN) Russia “will not accept” the price cap forced by EU and G7 nations on its oil exports, the Kremlin made a statement on Saturday.

“We are analyzing it now. Some preparation has been made,” Kremlin spokesman Dmitry Peskov informed journalists in Moscow.

“We will not accept this cap, and we will inform you … after the analysis, which will be carried out quickly,” he also said.

EU nations on Friday agreed on a USD60 a barrel price cap for Russian crude oil exports shipped by sea, and have been joined by the G7 states and Australia.

The decision seeks to hit Moscow’s incomes from crude oil exports and sales as the Ukraine conflict approaches 2023, its second calendar year.

The deal will be applied on Monday, after the EU will start cutting off crude deliveries from Russia by sea.

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