Ukraine says $60 oil price cap ‘too high’ – $30 needed

Ukraine says $60 oil price cap ‘too high’ – $30 needed

The $60 price cap for Russian oil, agreed upon by the EU on Friday, is too high, Ukraine has said.

In order to “destroy” the economy of the Russian enemy more quickly, it is necessary to reduce the price to $30 per barrel, the head of the Ukrainian Presidential Office, Andrii Yermak, wrote on his Telegram channel on Saturday.

Under the plan, providing certain services for Russian oil shipments, including insurance, financing and technical assistance, is to be prohibited if the oil was sold above the $60 threshold.

At the same time, Yermak welcomed the fact that the Group of Seven (G7) leading industrialized nations and Australia had decided on this price cap for oil transports by sea.

Russia sees this as a violation of the laws of the free market.

“We always achieve our goal, and Russia’s economy will still be destroyed. And Russia itself will pay and be responsible for crimes,” Yermak wrote.

The price cap is to take effect on December 5.