Al Mayadeen English

  • Ar
  • Es
  • x
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Features
  • Videos
    • NewsFeed
    • Video Features
    • Explainers
    • TV
    • Digital Series
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Features
Videos
  • NewsFeed
  • Video Features
  • Explainers
  • TV
  • Digital Series
Infographs
In Pictures
  • Africa
  • Asia
  • Asia-Pacific
  • Europe
  • Latin America
  • MENA
  • Palestine
  • US & Canada
BREAKING
Joint statement: The United States will cut down tariffs on Chinese goods from 145% to 30%, while China will cut down tariffs on American goods from 125% to 10% for the same period
US-China trade talks joint statement: Agreement to temporarily reduce tariffs for 90 days
Al-Qassam Brigades spokesperson Abu Obaida: Al-Qassam has decided to release the Zionist soldier holding American citizenship, Edan Alexander, today
Israeli media: The army was informed of a ceasefire in Gaza to release captive Idan Alexander, starting 12 pm
Qatari Foreign Ministry: Qatar and Egypt welcome Hamas' announcement of its agreement to release American Aidan Alexander.
Hamas says to release US captive Edan Alexander.
Al Mayadeen's sources: Trump will announce that Hamas will release US captive Edan Alexander from Gaza.
Al Mayadeen correspondent: Israeli aircraft bombed the coastal province of Hodeidah on the Red Sea, west of Yemen.
The Israeli occupation military issues a bombing threat against the Yemeni ports of Ras Isa, Hodeidah, and Salif.
UKMTO says vessel reported a small craft colliding with it, attempting to collide with other vessels in the area

Zelensky says price cap level on Russian oil 'not serious'

  • By Al Mayadeen English
  • Source: Agencies
  • 3 Dec 2022 23:12
  • 1 Shares
4 Min Read

Ukrainian President Volodymyr Zelensky criticizes the European Union for the price cap imposed on Russia, saying it should have done more.

  • x
  • Ukrainian President Volodymyr Zelensky during an interview with The Washington Post at his office in Kiev, Ukraine, August 8, 2022 (The Washington Post)
    Ukrainian President Volodymyr Zelensky during an interview with The Washington Post at his office in Kiev, Ukraine, August 8, 2022 (The Washington Post)

The $60 price cap imposed on Russian oil and agreed upon by the European Union, the Group of Seven, and Australia, is not "serious", Ukrainian President Volodymyr Zelensky said Saturday, explaining that the decision was "quite comfortable" for Moscow.

"Russia has already caused huge losses to all countries of the world by deliberately destabilizing the energy market," the Ukrainian head of state claimed, calling the decision taken by the West on the price cap as one coming from "a weak position".

It is "only a matter of time when stronger tools will have to be used anyway", Zelensky further argued. "It is a pity that this time will be lost."

The Ukrainian president also said the price cap should be halved. "The logic is obvious: if the price limit for Russian oil is $60 instead of, for example, $30, which Poland and the Baltic countries talked about, then the Russian budget will receive about a hundred billion dollars a year."

Baltic nations have recently expressed opposition at the idea that a price cap should be set above $50 per barrel.

On Tuesday, Politico reported that US diplomats negotiated with Baltic officials to convince the Visegrad Group, which is composed of the Czech Republic, Hungary, Poland, Slovakia, and the Baltic nations to agree to the amount of $62.  

"This money will also be used to further destabilize precisely those countries that are now trying to avoid big decisions," Zelensky said.

Poland was particularly staunchly opposed to the price cap being set this "high" trying to hold out for a lower level of $30 before finally agreeing to the $60.

The European Union reached an agreement on setting a price cap on Russian oil at $60 a barrel, keeping a review mechanism to keep the price cap at 5% under market value. 

Read more: OPEC+ may further cut oil production following Russian price cap

Related News

Iran rejects G7 accusations regarding its nuclear program: Baghaei

G7 warns Russia to accept Ukraine truce, urge permanent Gaza ceasefire

Major oil producers are expected to adhere to their current output strategy and even cut down oil production further in their coming meeting on Sunday amid falling oil prices, a coming Russian oil price cap, and sanctions.

The last time OPEC+ convened in October, a decision spearheaded by Saudi Arabia and Russia cut oil production by 2 million barrels per day starting November. 

The OPEC+ oil production reduction is the most substantial cut since the COVID-19 pandemic peak in 2020. 

Moscow was anticipating the price cap and is now analyzing the situation, the Kremlin press secretary Dmitry Peskov.

Furthermore, the European Commission earlier that the European Union would be banning the insurance and financing of naval vessels transporting Russian oil selling for higher than the price cap imposed by Brussels, noting that the ban will be in effect for three months.

"If a third country flagged vessel intentionally carries Russian oil above the price cap, EU operators will be prohibited from insuring, financing, and servicing this vessel for the transport of Russian oil or petroleum products for 90 days after the cargo purchased above the price cap has been unloaded," the European Parliament's statement said.

A senior EU official told journalists in Brussels that the sanctions would be applied if a vessel arrives in Europe carrying Russian oil above the price cap. Each EU member state will prosecute European operators non-compliant with the scheme, the source said.

Europe to live without Russian oil

Russia's Permanent Representative to International Organizations in Vienna, Mikhail Ulyanov, declared earlier in the day that the European Union will have to live without Russian oil starting this year as a repercussion of the price cap imposed on the country's oil.

He also recalled how Moscow had made it clear that it will supply oil to the countries that supported the price cap that he described as "anti-market".

Western nations have been trying to find ways to reduce Russia's income from oil and gas exports since the start of the war in Ukraine.

Russia had pledged to stop exporting its oil to countries that would apply price caps on its oil.

Meanwhile, those who violate the price cap on Russian oil exports will suffer consequences under the domestic law of the jurisdictions enforcing the quota, according to US Deputy Treasury Secretary Wally Adeyemo.

  • G7
  • Russia
  • Australia
  • Ukraine
  • Price cap
  • European Union
Russia & NATO

Russia & NATO

As the Draconian Western-led sanctions on Russia exacerbate the economic crisis worldwide, and as Russian troops gain more ground despite the influx of military aid into Ukraine, exposing US direct involvement in bio-labs spread across Eastern Europe and the insurgence of neo-Nazi groups… How will things unfold?

Most Read

Trump cut off contact with Netanyahu, senior Israeli official says

Trump cut off contact with Netanyahu: Israeli media

  • US & Canada
  • 9 May 2025
Pakistan downs an Indian jet and hits a military base in Kashmir escalation.

Pakistan downs 3 Indian jets, hits military base in Kashmir escalation

  • Politics
  • 7 May 2025
A Yemeni gunman walks past paintings depicting rockets and scenes in solidarity with Gaza, displayed on a roadside fence in Sanaa, Yemen, Monday, May 5, 2025 (AP)

Oman brokers US-Yemen ceasefire, Israelis in dark regarding deal

  • Politics
  • 6 May 2025
Saree

Yemeni Armed Forces target key Israeli sites, USS Truman

  • MENA
  • 7 May 2025

Coverage

All
Gaza prevails against genocide

Read Next

All
This Sept. 29, 2018 file photo shows idle cargo and oil tanker ships at the port of Hodeida, Yemen. (AP)
Politics

'Israel' issues threats to three Yemeni ports

Ukrainian President Volodymyr Zelensky speaks during a briefing in Kiev, Ukraine, Tuesday, March 25, 2025. (AP Photo/Efrem Lukatsky)
Politics

Zelensky agrees to meet Putin in Istanbul, demands ceasefire first

A boy holds an empty pot over his head as he waits for donated food at a community kitchen in Khan Younis, in the southern Gaza Strip, Friday, May 9, 2025 (AP)
Politics

US-Gaza ceasefire negotiations intensify amid Trump-Netanyahu split

AP
Politics

Hamas to free Edan Alexander as part of Gaza deal: Al-Hayya

Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • x
  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS