Ukraine President Zelenskyy calls EU's Russian oil price cap move 'weak'

Amid brutal war in Eastern Europe, embattled Ukrainian President, Volodymyr Zelenskyy on Saturday criticised restriction on price of Russian oil by his Western allies, furr calling move "weak". Zelenskyy me se remarks as price cap, which was opted on Friday, aims to prevent nations from paying more than $60 for a barrel of Russian crude oil that is transported by sea.

In a night video dress to nation, President said, “ discussion on price caps, i.e. on limiting export price of Russian oil, has ended in world.”

Zelenskyy furr said, “Unfortunately, without big decisions, as you wouldn't call it a big decision to set such a limit for Russian prices, which is quite comfortable for budget of a terrorist state.” He continued in his speech, “It's a weak position.”  

Ukrainian President furr highlighted that Russian purposeful destabilisation of energy market has alrey resulted in significant losses for all nations in globe. Pointing  reasons behind move, he said, “ logic is obvious: if price limit for Russian oil is $60 inste of, for example, $30, which Poland and Baltic countries talked about, n Russian budget will receive about a hundred billion dollars a year.” 

Zelenskyy later claimed that this money will be used for more than only war and Russia would furr support terrorist groups and governments. ditionally, this money will be used to furr destabilise same nations that are currently attempting to avoid making important decisions. 

EU's Russian oil price cap

In meantime, G7 and its allies have officially authorised a price cap on Russian oil. In a joint statement, Group of Seven (G7) and Australia stated that limitation on price will start on December 5 or "very soon reafter".

move to cap price required unanimous support from all European Union member states. Poland reportedly announced its support on Friday after being given guarantees that cap would be kept at a rate that was 5% lower than current rate. 

It is important to note that G7 countries suggested a price cap in September in an attempt to prevent Russia from profiting from oil exports while barring a price hike. According to reports, Poland, Lithuania, as well as Estonia thought that EU's proposed limit of $65-70 was too expensive.

Warsaw wanted value to be as low as possible, so it waited to explore an justment mechanism that would keep restriction below market rate when price of oil changed. 

(Image: AP)