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Zelenskiy says level of price cap on Russia oil isn’t serious

KYIV, Dec 3 (Reuters) – The $60 price cap on seaborne Russian oil agreed by Group of Seven nations and Australia is not serious and will do little to deter Russia from waging war in Ukraine, President Volodymyr Zelenskiy said on Saturday.

December 4, 2022
4 December 2022

KYIV, Dec 3 (Reuters) – The $60 price cap on seaborne
Russian oil agreed by Group of Seven nations and Australia is
not serious and will do little to deter Russia from waging war
in Ukraine, President Volodymyr Zelenskiy said on Saturday.

The European Union is now set to approve the cap after the
G7 and Australia struck a deal on Friday. The measure aims to
reduce Russia’s income from selling oil, while preventing a
spike in global prices.

“You wouldn’t call it a serious decision to set such a limit
for Russian prices, which is quite comfortable for the budget of
a terrorist state,” Zelenskiy said in a video address.

“It’s only a matter of time before stronger tools will have
to be used anyway. It is a pity that this time will be lost.”

Andriy Yermak, head of Zelenskiy’s administration, said
earlier that the cap should be set at $30 “to destroy the
enemy’s economy quicker”.

Zelenskiy complained the world had showed weakness by
setting the cap at $60, which he said would swell Russia’s
budget by $100 billion a year.

“This money will … go towards further destabilisation of
precisely those countries that are now trying to avoid serious
decisions,” he said.
(Reporting by Dan Peleschuk and David Ljunggren; Editing by
Kirsten Donovan and Daniel Wallis)

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