Zelenskyy Adviser Suggests Squeeze On Russian Oil Price Cap To $10-20 Per Barrel - Reports

Oleg Ustenko, an economic adviser to Ukrainian President Volodymyr Zelenskyy, has proposed slashing the price cap on Russian oil to $10-20 per barrel from the current $60, Newsweek reported on Wednesday

MOSCOW (UrduPoint News / Sputnik - 22nd March, 2023) Oleg Ustenko, an economic adviser to Ukrainian President Volodymyr Zelenskyy, has proposed slashing the price cap on Russian oil to $10-20 per barrel from the current $60, Newsweek reported on Wednesday.

Ustenko said that Kiev wanted to cut the cap price in half to about $30 per barrel, while he personally saw a $10-20 price cap as possible, the US weekly reported.

The adviser noted that Russia was receiving "much less revenue" compared to the situation before the imposition of the oil price cap, according to the report.

"It's ridiculous if it will not be done. It's going to have serious and significant effects .

.. Let's squeeze the current price cap to a much lower level," Ustenko told the newspaper.

After Russia began its military operation in Ukraine a year ago, Kiev's allies actively searched for ways to limit Moscow's energy-related income, notably from oil and gas. The effort culminated in a $60 price cap imposed by the G7 member states and Australia on December 5.

In response to the price cap, Moscow banned the supply of Russian oil and petroleum products if contracts directly or indirectly provide for a price cap, in a decree signed by Russian President Vladimir Putin in late December.