'We will not accept this price cap,' Kremlin spokesman Dmitry Peskov told domestic news agencies, adding that Russia, the world's second-largest crude exporter, was 'analysing' the move.
KYIV - Russia on Saturday rejected a $60 price cap on its oil agreed by the EU, G7 and Australia, which Ukraine said would contribute to destruction of Russia's economy.
Kyiv welcomes the price cap, which stops countries paying more than $60 a barrel for Russian oil deliveries by tanker vessel and is designed to make it harder for Russia to bypass EU sanctions by selling beyond the European Union at market prices. The White House described the cap as "welcome news" that would help limit Putin's ability to fund the Kremlin's "war machine".The G7 and Australia said they were prepared to ajust the price ceiling if necessary.
In all, more than 90 percent of Russian deliveries to the European Union will be affected, according to the bloc.After suffering humiliating defeats during what has become the largest armed conflict in Europe since World War II, Russia began targeting Ukrainian energy infrastructure in October. Putin on Friday told Germany's Chancellor Olaf Scholz the Russian strikes, which have destroyed close to half of the Ukrainian energy system, were an "inevitable response to Kyiv's provocative attacks on Russia's civilian infrastructure".
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