The economic alliance Group of Seven (G-7) recently agreed with the European Union to set the price of Russian oil at 60 dollars per barrel. In response, Moscow said on Saturday that Russia would continue to look for buyers for the oil. The introduction of price caps on oil exports by Western governments was ‘dangerous’.

A group of Western countries led by the G-7 group agreed on Friday to cap the price of Russian offshore oil at $60 a barrel, Reuters reported. Because they are trying to limit Moscow’s revenue and its ability to finance attacks on Ukraine.

Russian President Vladimir Putin and senior Kremlin officials have repeatedly said they will not supply oil to countries that enforce price caps.

In comments published on Telegram, the Russian embassy in the United States criticized what it called a “rehabilitation” of free market policies and reiterated that demand for Russian oil would continue despite the measures.

The embassy further said, ‘Such a move will increase uncertainty and impose higher costs on consumers of raw materials. Regardless of the current flirtation with dangerous and illegal instruments, we are confident that demand for Russian oil will continue.’

The G-7 price cap would allow non-EU countries to continue importing seaborne Russian crude, but it would ban shipping, insurance and reinsurance companies from handling Russian crude around the world if it is sold below a set price.

(Dhaka Times / 03 December / SAT)