Moscow won’t settle for oil value cap – POLITICO

Moscow won’t settle for a value cap on seaborne Russian oil coordinated by the EU and the G7, Kremlin spokesman Dmitry Peskov stated.

“We’re assessing the scenario. Sure preparations for such a cap had been made. We won’t settle for the worth cap and we are going to inform you ways the work will likely be organized as soon as the evaluation is over,” Peskov stated on Saturday, based on a TASS report.

EU international locations on Friday agreed to place a $60 restrict on Russian oil costs, which the the G7 and Australia later backed as nicely.

The goal, European Fee President Ursula von der Leyen stated, is to hit Russia’s oil revenues, whereas stabilizing international power costs.

Beneath the deal, international locations will ban insurance coverage and delivery firms from providing their providers to Russian oil shipments to 3rd international locations if the oil is bought above the worth cap.

The EU additionally plans a two-monthly assessment, and goals to set the cap at the least 5 p.c under the market value for Russian crude.