Volodymyr Zelensky, the president of Ukraine, declared on Saturday that the $60 price restriction on seaborne Russian oil imposed by the G7 (Group of Seven), the European Union, and Australia is ‘not serious’. The West announced the oil price ceiling in order to limit Russia’s financial source. In addition to this restriction, the EU has banned marine deliveries of Russian crude oil. The oil price limitation, which is anticipated to take effect on Monday, aims to limit Moscow’s ability to fund the continuing war in Ukraine.
However, according to Zelensky, that is insufficient. He stated in his nightly speech that ‘Russia has already inflicted tremendous losses to all countries of the globe by purposely upsetting the energy market.’ The decision was referred to as ‘a weak posture’ by the president of Ukraine. Zelensky continued, ‘It’s just a matter of time until tougher instruments will need to be utilised nonetheless’. It’s unfortunate that this time will be wasted, he remarked. The reasoning is simple: if the cap on the price of Russian oil is set at $60 rather than, say, $30 as Poland and the Baltic States discussed, then the Russian budget will get around $100 billion annually.
Prior to eventually agreeing on Friday to the higher cap, Poland attempted to hold out for a lower threshold of $30 throughout the discussions. The price cap has been rejected and dubbed ‘dangerous’ by Russia in the interim. The price ceiling would not be accepted, the Kremlin’s spokesperson Dmitry Peskov told domestic news organisations. The action was being ‘analysed,’ according to Peskov.
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