Zelenskyy slams price cap on Russian oil as ‘weak’ – POLITICO

Ukrainian President Volodymyr Zelenskyy mentioned the decision to impose a $60 worth cap on Russian seaborne oil can’t be referred to as “a severe determination” as that stage is “fairly comfy” for Russia’s price range.

The EU on Friday agreed to place a restrict on Russian oil costs of $60 a barrel, after days of argument over how onerous to hit Russian President Vladimir Putin’s oil revenues. The cap was joined by the G7 nations and Australia.

“It is a weak place,” Zelenskyy mentioned in his nightly address on Saturday. It is solely a matter of time earlier than stronger measures in opposition to Moscow will must be used, the Ukrainian chief mentioned. “It’s a pity that the time will probably be misplaced,” he mentioned.

Russia has already inflicted “enormous losses” internationally by intentionally destabilizing the worldwide vitality market, Zelenskyy mentioned. However the world nonetheless can’t dare undertake “real energy disarmament” of the Kremlin, he mentioned.

Moscow rejected the value restrict and mentioned Russian officers “are assessing the scenario,” in line with a TASS report.

“Sure preparations for such a cap have been made,” Kremlin spokesman Dmitry Peskov said on Saturday. “We is not going to settle for the value cap.”

Zelenskyy mentioned that with the value restrict for Russian oil on the stage of $60 as a substitute of $30, which Poland and the Baltic states had proposed, the Russian price range will obtain about $100 billion a 12 months.

This cash, Zelenskyy believes, will probably be channeled “not solely to the conflict and never solely to Russia’s additional sponsoring of different terrorist regimes and organizations. This cash will even be used to additional destabilize exactly these nations that at the moment are attempting to keep away from huge choices,” he mentioned

On Saturday morning, Andriy Yermak, head of Ukrainian presidential workplace, wrote on social media that a special working group on Russian sanctions additionally proposed a $30 cap. The working group is chaired by Yermak and Michael McFaul, former U.S. Nationwide Safety Adviser.

Underneath the deal agreed to on Friday, Western nations will ban insurance coverage and transport corporations from providing their companies to Russian oil shipments to 3rd nations if the oil is offered above the value cap. The ban applies to all EU vessels, whether or not they’re EU-flagged, or owned, chartered or operated by an EU firm.

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