Moscow says will not accept western price cap on its crude, claims 'Russian oil will continue to be in demand'
Russian crude oil terminal Kozmino
Russia has denounced the West's price cap on its oil and said it "will not accept" it. The Kremlin also reportedly said that it was analysing how to respond.
Kremlin spokesperson Dmitry Peskov as per a report by the Russian news agency TASS said that his country has made preparations for the price cap that goes into effect on Monday (December 5th).
AFP reports that this price cap agreed by the EU, G7 and Australia will go into effect on Monday alongside an EU embargo on maritime deliveries of Russian crude oil. Under the cap, Russia can only continue delivery of oil sold at $60 per barrel or less.
Watch |Russia denounces oil price cap agreed by EU, G7; Zelensky says 'price cap on Moscow not serious'
Peskov said "We will not accept this cap," adding that Moscow will conduct a rapid analysis of the agreement and respond.
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Russia has insisted that it will stop oil supplies to nations that have participated in the price cap. Mikhail Ulyanov, Moscow's ambassador to international organisations in Vienna, also confirmed this stance in social media posts.
Also read |Zelensky says $60 price cap on Russian oil is ‘not serious’, won’t push Moscow into ending war
"Starting from this year Europe will live without Russian oil," he said in one post, in another he claimed that Deputy Prime Minister of Russia Alexander Novak too has confirmed that Moscow will cut supplies to countries supporting the price cap.
Reuters reports that as per US Treasury Secretary Janet Yellen the price cap will be particularly beneficial to low and medium-income countries and would "cut into" the Russian President's most important source of revenue.
"With Russia's economy already contracting and its budget increasingly stretched thin, the price cap will immediately cut into (President Vladimir) Putin’s most important source of revenue."
On Friday, Russian Urals crude was traded at approximately $67/barrel.
Russia's embassy in the United States criticised the cap and called the move "dangerous", adding that in spite of it Moscow is "confident" it will find buyers for its oil.
"Steps like these will inevitably result in increasing uncertainty and imposing higher costs for raw materials' consumers," it said."Regardless of the current flirtations with the dangerous and illegitimate instrument, we are confident that Russian oil will continue to be in demand."
(With inputs from agencies)
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