(CNA) Ukrainian President Volodymyr Zelensky said today that while the West agreed to a $60 price cap on Russian oil, the measure was "not serious" for Moscow and would not help prevent Russia from waging war in Ukraine .

The European Union (EU) is now also preparing to approve a price cap for Russian oil after the Group of Seven (G7) and Australia reached an agreement on the 2nd.

The measure is aimed at reducing Russia's revenue from selling oil while preventing a spike in global oil prices.

Please read on...

Agence France-Presse reported that Volodymyr Zelenskyy (Volodymyr Zelenskyy) said in a video speech released in the evening, "Russia has brought huge losses to all countries in the world by deliberately destabilizing the energy market." The decision is an "expression of weakness".

Zelensky emphasized, "In any case, stronger tools must be used. It is only a matter of time. Unfortunately, (Western countries) will miss this opportunity."

"The logic is obvious: if the price ceiling for Russian oil was $60 instead of the figure discussed by Poland and the Baltic states, say $30, then Russia would still be earning about $100 billion a year."

"The funds will also be used to further destabilize the country that is now trying to avoid major decisions," he said.

Poland had tried to hold on to a $30-a-barrel price during talks over the Russian oil cap, but the country finally agreed on Tuesday to raise the cap.