Moscow will not accept a price cap on seaborne Russian oil coordinated by the EU and the G7, Kremlin spokesman Dmitry Peskov said.
“We are assessing the situation. Certain preparations for such a cap were made. We will not accept the price cap and we will inform you how the work will be organized once the assessment is over,” Peskov said on Saturday, according to a TASS report.
EU countries on Friday agreed to put a $60 limit on Russian oil prices, which the the G7 and Australia later backed as well.
The aim, European Commission President Ursula von der Leyen said, is to hit Russia’s oil revenues, while stabilizing global energy prices.
Under the deal, countries will ban insurance and shipping companies from offering their services to Russian oil shipments to third countries if the oil is sold above the price cap.
The EU also plans a two-monthly review, and aims to set the cap at least 5 percent below the market price for Russian crude.
