Ukraine wants lower cap on Russian oil, at $30-$40 per barrel




  • In Business
  • 2022-11-26 17:53:25Z
  • By Reuters
 

(Reuters) - The price for Russian seaborne oil should be capped at between $30 and $40 per barrel, lower than the level that Group of Seven nations have proposed, Ukrainian President Volodymyr Zelenskiy said on Saturday.

European Union governments, seeking to curb Moscow's ability to fund the Ukraine war without causing an oil supply shock, are split over a G7 push that the cap be set at $65 to $70 per barrel. It is due to enter into force on Dec. 5.

"The limit that is being considered today - about $60 - I think this is an artificial limit," said Zelenskiy, who has consistently pushed allies to impose tougher sanctions of all types against Russia.

"We would like the sanctions to be very effective in this fight, so that the limit is at the level of $30-$40, so Russia feels them (the sanctions)," he told a news conference.

The idea of the cap is to prohibit shipping, insurance and re-insurance companies from handling cargoes of Russian crude around the globe, unless it is sold for less than the price set by the G7 and its allies.

Poland, Estonia and Lithuania are pushing for a much lower cap than $65-70 per barrel while Greece, Cyprus and Malta want a higher cap.

(Reporting by Dan Peleschuk; Writing by David Ljunggren; Editing by Daniel Wallis)

COMMENTS

More Related News

Ukraine Latest: Putin Vows Victory as EU Mounts Show of Support
Ukraine Latest: Putin Vows Victory as EU Mounts Show of Support
  • World
  • 2023-02-02 16:50:11Z

(Bloomberg) -- Vladimir Putin said that Russia can't be defeated "on the battlefield" as Ukrainian President Volodymyr Zelenskiy said warned that Moscow's...

Columnist Brian Howey wonders: Should we be concerned about a nuclear war?
Columnist Brian Howey wonders: Should we be concerned about a nuclear war?
  • World
  • 2023-01-31 20:57:21Z

That is just one in a continuum of reckless nuclear saber-rattling from the Putin regime as it flounders in its war with Ukraine.

Ukraine war dominates Nobel year again
Ukraine war dominates Nobel year again
  • World
  • 2023-01-31 10:20:28Z

From NATO's secretary general to the Ukrainian president, the war in Ukraine dominates the publicly known names submitted by Tuesday's deadline for the 2023 ...

Leave a Comment

Your email address will not be published. Required fields are marked with *

Cancel reply

Comments

Top News: Business