Ukrainian President Volodymyr Zelenskiy.

(Reuters file photo)

[Financial Channel/Comprehensive Report] Ukrainian President Volodymyr Zelenskiy said that the price of Russian seaborne oil should be limited to between US$30 and US$40 per barrel, which is much lower than the G7 (7 major industrial countries) proposal price range.

EU governments are seeking to curb Moscow's ability to fund the war in Ukraine without causing an oil supply shock, Reuters reported.

The Russian oil price ceiling will come into effect on December 5th. At present, the G7 intends to set it at US$65-70 per barrel, but there are differences of opinion among the allies on the price issue.

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Zelensky said that the limit being considered today is about 60 US dollars, which is an "artificial limit". Ukraine hopes that sanctions will be very effective in this fight, so it believes that the limit should be in the range of 30-40 US dollars, so that Russia can Sanctions are clearly felt.

After the outbreak of war, Zelensky has been calling on allies to impose stricter sanctions on Russia.

The idea of ​​the price cap is to prohibit shipping, insurers, from handling cargoes of Russian crude globally unless they sell for less than prices set by the G7 and allies.

Poland, Estonia and Lithuania are pushing for prices below the cap of $65-70 a barrel; Greece, Cyprus and Malta want to raise the cap.

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