Moscow threatens countermeasures to put a ceiling on the price of Russian oil

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Russia announced its intention not to accept a cap on the price of Russian oil at $60 per barrel by the West and threatened to take countermeasures.

Russian Deputy Prime Minister Alexander Novak said on Russian state television today, Sunday, that Russia views this tool (the cap) as incompatible with the market economy, adding that Russia will develop a mechanism that would prevent the application of the cap on the price of Russian oil, but he did not give details. .

However, Novak announced that his country, which is a superpower in the field of energy, is ready to reduce its oil production in the event that countries wanted to apply this ceiling to the price of oil.

Novak believed that the oil market has returned today to a better state than it was two months ago, but noted that there are still cases of uncertainty due to high inflation and because of the outbreak of the Corona virus in China, for example.

The Group of Seven major industrialized countries, in addition to Australia and the countries of the European Union, agreed to set a maximum price for Russian oil. Tomorrow is Monday.

On the other hand, Ukrainian President Volodymyr Zelensky criticized the Russian oil price ceiling, which was decided by Western countries, and Zelensky considered this ceiling too high.

Zelensky said in his daily video speech on Saturday evening that despite the agreed ceiling of $60 per barrel, a lot of money will continue to flow into the Russian budget, and thus the war against his country will continue.

The head of the Ukrainian presidential office, Andrei Yermak, had previously called for setting a maximum price per barrel of up to $30, indicating that this matter would destroy the Russian economy faster.

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