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Ukraine urges lower price cap for Russian oil

03.12.2022 17:00
The price cap on Russian oil approved by the world's largest economies should be lowered to USD 30 per barrel to hit Russia harder, a senior Ukrainian presidential aide has said.
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The European Union, the G7 group of the world's wealthiest nations and Australia on Friday agreed to introduce a USD 60 per barrel price cap, news agencies reported.

Andriy Yermak, chief of staff to Ukrainian President Volodymyr Zelensky, said on the Telegram messaging service on Saturday that "it would be necessary to lower" the cap to USD 30 "to destroy the enemy's economy quicker," according to the Reuters news agency.

The G7 and Australia said in a joint statement that the cap would take effect on Monday "or shortly thereafter."

The EU, meanwhile, was expected to formally approve the cap over the weekend after member states resolved their differences and overcame initial resistance from Poland, Reuters reported.

Oil price cap 'will reduce Russia’s revenues significantly'

The EU's chief executive, Ursula von der Leyen, said on Friday that the bloc's "agreement on an oil price cap, coordinated with G7 and others, will reduce Russia’s revenues significantly."

She added that the deal would help "stabilise global energy prices," while "benefitting emerging economies around the world."


Source: IAR, PAP, Reuters, ukrinform.net