Kremlin: Russia Will Not Accept Oil Price Cap

On Saturday, Kremlin spokesperson Dmitry Peskov said Russia will not accept a price cap on Russian oil and will take appropriate measures in this regard.

"We are assessing the situation. Certain preparations for such a cap were made. We won’t accept the price cap and we will inform you how the work will be organized once the assessment is over," the Kremlin spokesman said, commenting on the EU’s decision.

European Union countries agreed on Friday to cap the price of Russian seaborne oil at $60 a barrel. The G7 members and Australia announced similar measures.

"The G7 and Australia, as current members of the Price Cap Coalition, on 2 December 2022 reached consensus on a maximum price of 60 U.S. dollars per barrel for seaborne Russian-origin crude oil," the statement read.

The statement mentioned that the Russian oil price cap policy will enter into force on December 5, "or soon after this date."