Ukraine war: Russia says it will not accept oil price cap

Russia says it volition not judge a headdress connected prices for its lipid exports approved by Western allies.

The cap, approved connected Friday, is aimed astatine stopping countries paying much than $60 (£48) for a tube of seaborne Russian crude oil.

The measurement - owed to travel into unit connected Monday - intensifies Western unit connected Russia implicit the invasion.

But Kremlin spokesperson Dmitry Peskov said that Moscow had prepared for the determination and was assessing its options.

"We volition not judge this ceiling," helium said.

The terms headdress was enactment guardant successful September by the G7 radical of industrialised nations (the US, Canada, the UK, France, Germany, Italy, Japan and the EU) successful a bid to deed Moscow's quality to concern the warfare successful Ukraine.

In a associated statement, the G7, the European Union and Australia said the determination was taken to "prevent Russia from profiting from its warfare of aggression against Ukraine".

The White House described the woody arsenic "welcome news", saying a terms headdress volition assistance bounds Putin's quality to money the Kremlin's "war machine".

UK Chancellor Jeremy Hunt said the UK would not waver successful its enactment for Ukraine and would proceed to look for caller ways to "clamp down connected Putin's backing streams".

Though the measures volition astir surely beryllium felt by Russia, the stroke volition beryllium partially softened by its determination to merchantability its lipid to different markets specified arsenic India and China - which are presently the largest azygous buyers of Russian crude oil.

Ukraine says the Western-proposed headdress should beryllium halved.

"Russia's system volition beryllium destroyed, and it volition wage and beryllium liable for each its crimes," Ukraine's statesmanlike main of unit Andriy Yermak said connected Saturday connected Telegram.

But a headdress of "$30 would person destroyed it much quickly", helium added.

The statement of a terms headdress comes conscionable days earlier an EU-wide prohibition connected Russian crude lipid imported by oversea comes into force, besides connected 5 December.

The terms headdress - which is meant to impact lipid exports worldwide - is meant to complement that.

Countries which motion up to the G7-led argumentation volition lone beryllium permitted to acquisition lipid and petroleum products transported via oversea that are sold astatine oregon beneath the terms cap.

Ukraine's Western allies besides program to contradict security to tankers delivering Russian lipid to countries that bash not instrumentality to the terms cap. This volition marque it hard for Russia to merchantability lipid supra that price.

Before the war, successful 2021, much than fractional of Russia's lipid exports went to Europe, according to the International Energy Association. Germany was the largest importer, followed by the Netherlands and Poland.

But since the war, EU countries person been desperately trying to alteration their dependency. The US has already banned Russian crude oil, portion the UK plans to signifier it retired by the extremity of the year.