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

Support independent journalism in Ukraine. Join us in this fight.

Become a member Support us just once

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

2:37 AM

Russia attacks 13 communities in Sumy Oblast, injuring 1.

Russian forces struck 13 communities in Ukraine's northeastern Sumy Oblast in 54 separate attacks throughout the day, the regional administration reported on April 20. At least 283 explosions were reported in Sumy Oblast over the past 24 hours.
Ukraine Daily
News from Ukraine in your inbox
Ukraine news
Please, enter correct email address
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
Subscribe
* 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.