Russia says oil price cap won't stop

it from financing Ukraine war effort

FILE PHOTO: Crude oil tankers lie at anchor in Nakhodka Bay
Mon, December 5, 2022 at 10:58 AM

LONDON (Reuters) -Russia said on Monday that a Western price

cap on its oil would destabilise global energy markets but would not
affect its ability to sustain what it calls its "special military operation"
in Ukraine.
Kremlin spokesman Dmitry Peskov said Russia was preparing its
response to Friday's move by the G7 and allies, which was aimed at
squeezing Moscow's energy revenues and reducing its ability to
wage war.
"Russia and the Russian economy have the required capacity to
fully meet the needs and requirements of the special military
operation," Peskov told reporters when asked if the move would
undermine Moscow's military effort.
He said it was "obvious and indisputable that the adoption of these
decisions is a step towards destabilising world energy markets".
The move by the G7, European Union and Australia will allow other
countries to continue importing seaborne Russian oil but it will
prohibit shipping, insurance and re-insurance companies from
handling cargoes of Russian crude unless it is sold for less than $60
a barrel.
The EU itself is banning seaborne imports of Russian crude from
Monday. Global benchmark Brent crude was up 1.95% at $87.24 a
barrel by 1052 GMT.
Several Russian officials have previously said Moscow will not sell
oil to countries that abide by the cap.
Former Russian president Dmitry Medvedev, now deputy chairman
of Putin's Security Council, wrote on Telegram that the squeeze on
Russian oil would lead to an "unimaginable" jump in world prices.
He suggested that the West would freeze this winter as a
consequence of entering "an unequal battle with the Russian bear
and General Frost."
"What is good for a Russian is death for a German," he added,
referring to the winter cold. "One thing is clear - nothing good will
come of it for consumers, that's for sure. So let them stock up on
schnapps, quilts and water heaters."
(Reporting by Reuters; writing by Mark Trevelyan and Jake Cordell;
editing by Guy Faulconbridge)
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Thu, December 8, 2022 at 2:13 PM

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Jamey Keaten, The Associated Press

Tue, December 6, 2022 at 7:50 PM

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Ukrainska Pravda
Tue, December 6, 2022 at 11:22 AM