Russia Says ‘Dangerous’ Price Cap Won’t Curb Demand for Its Oil

1 month ago 18

An aerial presumption    shows the Vladimir Arsenyev tanker astatine  the crude lipid  terminal Kozmino connected  the enactment     of Nakhodka Bay adjacent   the larboard  metropolis  of Nakhodka, Russia, connected  Aug. 12, 2022. (Tatiana Meel/Reuters)

An aerial presumption shows the Vladimir Arsenyev tanker astatine the crude lipid terminal Kozmino connected the enactment of Nakhodka Bay adjacent the larboard metropolis of Nakhodka, Russia, connected Aug. 12, 2022. (Tatiana Meel/Reuters)

Russia said connected Saturday it would proceed to find buyers for its oil, contempt what it said was a “dangerous” effort by Western governments to present a price cap connected its lipid exports.

A conjugation of Western countries led by the G7 radical of nations agreed connected Friday to headdress the terms of Russian seaborne lipid astatine $60 a barrel, arsenic they purpose to bounds Moscow’s revenues and curb its quality to concern its penetration of Ukraine.

Russia has repeatedly said it volition not proviso lipid to countries that instrumentality the cap—a stance reaffirmed by Mikhail Ulyanov, its ambassador to planetary organizations successful Vienna, successful posts connected societal media.

“Starting from this twelvemonth Europe volition unrecorded without Russian oil,” helium said.

In comments published connected Telegram, Russia’s embassy successful the United States criticized what it said was the “reshaping” of escaped marketplace principles and reiterated that its lipid would proceed to beryllium successful request contempt the measures.

“Steps similar these volition inevitably effect successful expanding uncertainty and imposing higher costs for earthy materials’ consumers,” it said.

“Regardless of the existent flirtations with the unsafe and illegitimate instrument, we are assured that Russian lipid volition proceed to beryllium successful demand.”

Reuters

Follow