March 25, 2023

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Russia says oil embargo won’t stop Ukraine attack

The Kremlin declared that the move would affect the global energy market and undermine stability.

Mikhail Metzel/Sputnik/AFPPutin visits the partially destroyed Crimean bridge in October

The Russia This Monday, the 5th, the spending cap on Russian oil European union, the G7 and Australia will not affect Moscow’s attack on Ukraine to damage Moscow’s economy. “The economy of the Russian Federation has all the necessary capabilities to fully respond to the needs and requirements of a special military operation. These measures will not have any effect,” the spokesman said. The Kremlin, Dmitry Peskov. The spending cap imposed against Russia provides that it can supply only Russian oil that sells at or below $60 – a measure that took effect on Monday. Until a week ago, the price was USD 65 per barrel. The purpose of the new sanction is to deprive Russia of a portion of the resources derived from fuel sales and reduce Russia’s ability to finance the war effort. Ukraine🇧🇷 Peskov said the measures “may have an impact on the stability of the world energy market” and represent a “step towards destabilization”.

The spokesman indicated that Moscow was preparing to retaliate against accepting a ceiling on its oil prices. The price cap coincides with an EU ban on seaborne imports of Russian oil coming into force on Monday. The Kremlin has warned that it will not supply more oil to countries that adopt the price ceiling mechanism, a point reiterated by Deputy Energy Minister Alexander Novak on Sunday. Novak said the country was working on “mechanisms” to “prohibit the use” of the price cap tool. “This type of interference will only cause major instability of the market and shortage of energy resources”, he said.

*With information from AFP

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