Russia Says Oil Price Cap Will Not Stop Ukraine Offensive

Umer Jamshaid Published December 05, 2022 | 05:40 PM

Moscow, Dec 5 (UrduPoint / Pakistan Point News - 5th Dec, 2022 ) :Russia shrugged off a Western-imposed price cap on its oil exports on Monday, warning that it would not disrupt its military campaign in Ukraine.

The $60-per-barrel price cap agreed by the European Union, G7 and Australia aims to restrict Russia's revenue while making sure Moscow keeps supplying the global market.

"Russia's economy has all the necessary potential to fully meet the needs and requirements of the special military operation," Kremlin spokesman Dmitry Peskov told reporters, using Moscow's term for the Ukraine offensive.

"These measures will not affect this," he said.

Russia, he added, "will not recognise" the measures, adding that they amounted "a step towards destabilising the global energy markets" and that they would "change" oil prices.

The cap is the latest in a number of measures spearheaded by Western countries and introduced against Russia -- the world's second-largest crude oil exporter -- after Moscow sent troops into Ukraine over nine months ago.

The measure comes on top of an EU embargo on seaborne deliveries of Russian crude oil that came into force on Monday.

The embargo will prevent seaborne shipments of Russian crude oil to the European Union, which account for two thirds of the bloc's oil imports from Russia, potentially depriving Russia of billions of Euros.