Russia has rejected a $60 price cap on its oil set by Ukraine\u2019s Western allies and warned of a response as President Volodymyr Zelenskyy said it was \u201cquite comfortable\u201d for Moscow amid a push from Kyiv for a lower cap.
\nAccording to international media reports, the Kremlin spokesman Dmitry Peskov said on Saturday that Russia would not accept the price ceiling, adding that it needed to analyse the situation before deciding on a specific response.
\nThe EU, G7 and Australia on Saturday approved the $60 per barrel price cap on Russian seaborne oil. It will come into force on December 5.
\n\u201cThe G7 and all EU Member States have taken a decision that will hit Russia\u2019s revenues even harder and reduce its ability to wage war in Ukraine,\u201d EU Commission President Ursula von der Leyen said in a statement.
\n\u201cIt will also help us to stabilise global energy prices, benefitting countries across the world who are currently confronted with high oil prices,\u201d she said.
\nBut Russia\u2019s permanent representative to international organisations in Vienna, Mikhail Ulyanov, warned that the cap\u2019s European backers would come to rue their decision.
\n\u201cFrom this year, Europe will live without Russian oil,\u201d Ulyanov tweeted. \u201cMoscow has already made it clear that it will not supply oil to those countries that support anti-market price caps. Wait, very soon the EU will accuse Russia of using oil as a weapon.\u201d
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