Oil price cap 'will not affect' Russian military operation in Ukraine

The Kremlin said on Monday that the oil price cap imposed by the European Union members may have a major impact on the global energy markets but "will not affect” the ongoing conflict in Ukraine. The western countries have imposed massive sanctions on Russia in the aftermath of the conflict but most countries have not stopped their reliance on the imports. After the enforcement of the price cap, Russia said that it was preparing its response while evaluating the impact that it can have on the economy.

"Russia and the Russian economy have the required capacity to fully meet the needs and requirements of the special military operation," Kremlin spokesman Dmitry Peskov told reporters.

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During the press briefing, Peskov added that it was "obvious and indisputable that the adoption of these decisions is a step towards destabilising world energy markets".

Since the implementation of oil price cap, prices around the world have gone up. According to Reuters, the brent crude price went up by around 0.6 per cent and it is currently $86 a barrel.

Earlier, Former Russian president Dmitry Medvedev, now deputy chairman of Putin's Security Council took to Telegram to warn the world about a destablisation in oil prices after the EU decision.

He said that the "an unequal battle with the Russian bear and General Frost" may lead to a major crisis ahead in this year’s winter months. "One thing is clear - nothing good will come of it for consumers, that's for sure. So let them stock up on schnapps, quilts and water heaters," he said in his post.