Ukrainian President Volodymyr Zelenskyy said the decision to impose a $60 price cap on Russian seaborne oil can’t be called “a serious decision” as that level is “quite comfortable” for Russia’s budget. Europe agrees to cap the price of Russian oil at $60 a barrel. As Poland has also agreed to the $60 cap, all 27 EU countries now in line to officially sign onto the deal.
Andriy Yermak, head of the Ukrainian president’s office, also said that the $60 per barrel price ceiling for Russian oil agreed to by the EU, G7 and Australia should be reduced to $30 in order to destroy the Russian economy faster.
Several hard-line European countries, led by Poland, argue that this price cap is not damaging enough to Russia’s export earnings, and they have attached the condition that a new round of sanctions talks against Russia be launched at the end of this week with a view to imposing new restrictions on the Russian economy and key players. “We are working on the next round of sanctions, which will be painful and costly for Russia,” said Sardos, Poland’s ambassador to the EU.
Poland has also successfully negotiated periodic reviews of price caps to ensure that it closely tracks the market. Russia stressed that it will not accept this price cap and will not provide oil to those countries that impose it.