Inside a prison where Russia tortured Ukrainian POWs
The Olenivka POW camp, located in the Russian-occupied part of Donetsk Oblast, was a notorious Russian-controlled prison where Ukrainian prisoners of war and civilian hostages from Mariupol have been subjected to torture. The Kyiv Independent’s War Crimes Investigations Unit will name those responsible for torturing prisoners in Olenivka.
Skip to content
Edit post

Zelensky: $60 oil barrel price cap is comfortable for Russia’s budget

by The Kyiv Independent news desk December 3, 2022 11:47 PM 1 min read
This audio is created with AI assistance

President Volodymyr Zelensky said that the long discussion leading to the $60 barrel price cap on Russian oil has finished “without big decisions."

“It's a weak position. And it's only a matter of time before stronger tools will have to be used anyway. It is a pity that this time will be lost,” Zelensky said.

Ukraine’s president said if the price limit for Russian oil is $60 instead of $30, as Poland and the Baltic States proposed, the Russian budget will receive about a hundred billion dollars annually.

“This money will go not only to the war and not only to Russia's further sponsoring of other terrorist regimes and organizations. This money will also be used to further destabilize precisely those countries that are now trying to avoid strong decisions (against Russia)," Zelensky said.

Earlier on Dec. 2, G7 countries and Australia agreed on a $60 per barrel price cap following the EU agreement to set a price cap for Russian seaborne crude oil.

The decision was made after overcoming resistance from Poland, Estonia, and Lithuania, whose leaders called for the cap to be as low as possible to cause maximum damage to Russia’s shrinking economy. An embargo on Russian seaborne oil approved by the EU in June will take effect on Dec. 5, while the US, UK, Canada, and Australia have already banned Russian oil.

Financial Times reported that Russia assembled a "shadow fleet" of tankers to help blunt oil sanctions.

On Nov. 21, Bloomberg reported that Russia has already lost the vast majority of its oil market in the European Union’s northern countries even before an EU embargo on Russian oil is set to take effect.

According to Bloomberg, Russian oil shipments to Northern Europe have fallen below 100,000 barrels a day, compared to 1.2 million barrels a day sent to the region’s ports each day in early February.

Support independent journalism in Ukraine. Join us in this fight.
Freedom can be costly. Both Ukraine and its journalists are paying a high price for their independence. Support independent journalism in its darkest hour. Support us for as little as $1, and it only takes a minute.
visa masterCard americanExpress

News Feed

1:03 AM

Ukraine's corruption prevention agency opens asset declaration registry.

Ukraine's National Agency on Corruption Prevention (NACP) opened 24-hour access to the Unified State Register of Declarations of persons authorized to perform the functions of the state or local self-government. The Register reportedly allows Ukrainians to submit and review property declarations of public servants.
12:09 AM

Zelensky holds call with von der Leyen.

President Volodymyr Zelensky held a call with European Commission President Ursula von der Leyen ahead of meetings in Brussels this week that will determine future aid to Kyiv as well as Ukraine's EU accession.
10:55 PM

Zelensky to meet Biden in the US on Dec 12.

President Volodymyr Zelensky will travel to the U.S. on Dec. 11, where he will meet with U.S. President Joe Biden the following day, the two leaders' offices announced, as U.S. funding for Ukraine is rapidly running out and further aid is being held up in Congress by Republican opposition.
Ukraine Daily
News from
Ukraine in your
inbox
10:05 PM

US Senator: Republicans 'holding Ukraine aid hostage.'

Senator Chris Murphy, a democrat, told NBC News on Dec. 10 that he wished Republicans weren't holding further aid to Ukraine hostage to immigration reform as military assistance to both Kyiv and Israel continues to get held up in Congress.
1:26 AM

Rada's new freedom of speech chief criticizes TV marathon.

Yaroslav Yurchyshyn, the newly appointed chief of the Verkhovna Rada's Committee on Freedom of Speech, questioned the effectiveness of Ukraine's TV marathon introduced after Russia's full-scale invasion in Feb. 2022, Interfax reports.
MORE NEWS

Editors' Picks

Enter your email to subscribe

Please, enter correct email address

Subscribe

* indicates required
* indicates required

Subscribe

* indicates required
* indicates required

Subscribe

* indicates required

Subscribe

* indicates required
Successfuly subscribed
Thank you for signing up for this newsletter. We’ve sent you a confirmation email.