According to the joint decision of the Western alliance and the G-7 group, they set the price of Russian oil at 60 dollars per barrel. But Russia reacted to this decision. Mikhail Ulyanov, Russia’s permanent representative to international organizations, said that Europe may have to live without Russian oil from next year. They should think like that. Reuters news.

After Russian oil prices were set, the Kremlin said on Sunday it would not accept the limits. Moscow plans to respond to such moves if necessary. Ulyanov said, “We will also cut off oil supplies to countries that support the agreement to fix the price of Russian oil.”

Russia will not accept fixed oil prices and is analyzing how to respond, Reuters reports. The Western alliance decided to take such action mainly to prevent Russia from getting funding for the war in Ukraine.

Kremlin spokesman Dmitry Peskov said Moscow was preparing for price caps to be announced by seven countries, the European Union and Australia on Friday, Russian state news agency Tass reported.

“We will not accept this cap,” RIA news agency quoted Peskov as saying. Russia will quickly analyze the agreement and respond accordingly.’

He said about the possible reaction of the Western countries regarding the actions that Russia will take in the future, they will cheekily say that Russia is using oil as a weapon!

Russia’s plans for Western countries are aimed at hurting the Russian economy so that the country cannot continue military operations in Ukraine. Russia ranks second only to Saudi Arabia in crude oil exports. The world’s second largest oil exporter, this country has been meeting 10 percent of the world’s total oil demand.

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 unless it is sold for less than $60. The situation can be complicated if Russian crude oil is traded at any price beyond the fixed price even in countries that are not part of the agreement.

US Treasury Secretary Janet Yellen said the cap would particularly benefit low- and middle-income countries that have suffered from high energy and food prices.

“With Russia’s economy already contracting and its budget increasingly thin, the price ceiling would immediately cut into (President Vladimir) Putin’s most important source of revenue,” Yellen said in a statement.

In comments published on Telegram, Russia’s embassy in the US criticized what it called a ‘dangerous’ Western move and said Moscow would continue to look for buyers for its oil.

He 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.’

(Dhaka Times / 04 December / SAT)