February 8, 2023
Russia says the oil embargo will not stop Ukraine's offensive

Russia says the oil embargo will not stop Ukraine’s offensive

The Kremlin declared that the measure would affect the global energy market and undermine stability.

Michael Metzl/Sputnik/AFPPutin visits the partially destroyed Crimean Bridge in October

The Russia He said on Monday, the fifth of this month, that the spending cap imposed by the Russian government on Russian oil European UnionAnd the G7 and Australia, in order to harm Moscow’s economy, will not affect Moscow’s offensive in Ukraine. “The economy of the Russian Federation has all the necessary capabilities to fully respond to the needs and requirements of the military special operation. These measures will not have any effect,” said a US Department of Defense spokesman. The KremlinDmitry Peskov. The spending cap on Russia states that only Russian oil sold at a price equal to or less than $60 can be delivered — the measure went into effect on Monday. Until a week ago, the price of a barrel was trading at 65 USD. The aim of the new sanction is to deprive Russia of part of the resources obtained from the sale of fuel and reduce the ability to finance Russia’s war effort. Ukraine🇧🇷 Peskov said the measures “may have a destabilizing effect on the global energy market” and represent “a step towards destabilization.”

The spokesman indicated that Moscow is preparing to respond to the adoption of a ceiling on the price of its oil. The price cap coincides with the entry into force on Monday of the European Union’s ban on the import of Russian oil by sea. The Kremlin has warned that it will not deliver more oil to countries adopting a price cap mechanism, a position reiterated on Sunday by Deputy Energy Minister Alexander Novak. Novak said the country was working on “mechanisms” to “prohibit the use” of the price-fixing tool. “Any intervention of this kind can only lead to significant destabilization of the market and scarcity of energy resources,” he said.

* With information from AFP