Russia rejects $60-a-barrel cap on its oil, warns of cutoffs

KYIV: Russian authorities reject the country’s oil price ceiling due to Ukrainesupporters of the West and threatened on Saturday to stop supplying it to countries endorsing it.
Australia, Britain, Canada, Japan, the United States and 27 European Union countries on Friday agreed to limit the amount they have to pay to buy Russian oil to $60 a barrel. The limit will go into effect on Monday, along with an EU embargo on Russian oil shipped by sea.
Kremlin spokesman Dmitry Peskov said: Russia need to analyze the situation before deciding on a specific response but do not accept a price ceiling. Russia’s permanent representative to international organizations in Vienna, Mikhail Ulyanov, warned that Europe’s supporters would make the wrong decision.
“From this year, Europe will be without Russian oil,” Ulyanov wrote on Twitter. “Moscow has made it clear that they will not supply oil to countries that support the market price ceiling. Wait, the EU will soon accuse Russia of using oil as a weapon.”
Meanwhile, the office of Ukrainian President Volodymyr Zelenskyy on Saturday called for the price ceiling to be reduced, saying that the prices imposed by the EU and the Group of Seven leading economies were not enough.
“It is necessary to lower it to $30 to destroy the enemy’s economy faster,” Andriy Yermak, head of Zelenskyy’s office, wrote on Telegram, pointing to a view also supported by Poland. – a leading critic of Russian President Vladimir Putinwar in Ukraine.
Under Friday’s agreements, insurers and other companies that need to ship oil will be able to trade with Russian crude only if the oil is priced at or below the ceiling price. Most insurers are in the EU and UK and may be subject to a cap.
The Russian Embassy in Washington stressed that Russian oil “will continue to be in demand” and criticized the price cap as “reshaping the fundamentals of how the free market works.” A post on the embassy’s Telegram channel predicts the per-carton limit will lead to “a widespread increase in uncertainty and higher costs for consumers of raw materials.”
The price ceiling was intended to put economic pressure on Russia and further limit its ability to finance a war that has killed countless civilians and fighters, displaced millions of Ukrainians and weighed on the economy. world economy for more than 9 months.
The General Staff of the Armed Forces of Ukraine reported that since Friday, Russian forces have fired 5 missiles, carried out 27 airstrikes and conducted 44 artillery attacks on military positions. and civil infrastructure of Ukraine.
Kyrylo Tymoshenko, the president’s deputy chief of staff, said the attacks killed one civilian and wounded four others in Ukraine’s eastern Donetsk region. According to the British Ministry of Defense, Russian forces “continue to invest a large part of their overall military effort and firepower” around the small city of Bakhmut in Donestsk, where they have spent weeks trying to capture .
In southern Ukraine Kherson province, whose capital city of the same name was liberated by Ukrainian forces three weeks ago following the Russian retreat, Governor Yaroslav Yanushkevich said the evacuation of civilians trapped in Russian-controlled territory on the Dnieper River would continue temporarily.
Russian forces withdrew to the east bank of the river last month. Yanushkevich said the ban on crossing the waterway would be lifted in daylight for three days for Ukrainian citizens “who do not have time to leave the temporarily occupied territory.” His announcement cited “a possible increase in hostilities in this area.”
Kherson is one of four regions that Putin illegally annexed in September and vowed to defend Russian territory. From their new positions, Russian troops have regularly bombarded the city of Kherson and nearby infrastructure in recent days, leaving many residents without power. Drinking water is still not available in much of the city.
Other regions annexed in violation of international law are Donetsk, Luhansk and Zaporizhzhia.
Ukrainian authorities also reported heavy fighting in Luhansk and Russian shelling of the Kharkiv region in northeastern Ukraine, where Russian troops had mostly withdrawn in September.
The mayor of Kharkiv, which remained under Ukrainian control during Russia’s occupation of other parts of the region, said some 500 apartment buildings had been damaged beyond repair and nearly 220 schools. and the nursery is damaged or destroyed. He estimated the cost of the damage at $9 billion.


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