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Ukraine wants lower cap on Russian oil, at $30-$40 per barrel

Commodities Nov 26, 2022 12:55PM ET
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© Reuters. FILE PHOTO: Ukraine's President Volodymyr Zelenskiy visits Kherson, Ukraine November 14, 2022. Ukrainian Presidential Press Service/Handout via REUTERS/File Photo

(Reuters) - The price for Russian seaborne oil should be capped at between $30 and $40 per barrel, lower than the level that Group of Seven nations have proposed, Ukrainian President Volodymyr Zelenskiy said on Saturday.

European Union governments, seeking to curb Moscow's ability to fund the Ukraine war without causing an oil supply shock, are split over a G7 push that the cap be set at $65 to $70 per barrel. It is due to enter into force on Dec. 5.

"The limit that is being considered today - about $60 - I think this is an artificial limit," said Zelenskiy, who has consistently pushed allies to impose tougher sanctions of all types against Russia.

"We would like the sanctions to be very effective in this fight, so that the limit is at the level of $30-$40, so Russia feels them (the sanctions)," he told a news conference.

The idea of the cap is to prohibit shipping, insurance and re-insurance companies from handling cargoes of Russian crude around the globe, unless it is sold for less than the price set by the G7 and its allies.

Poland, Estonia and Lithuania are pushing for a much lower cap than $65-70 per barrel while Greece, Cyprus and Malta want a higher cap.

Ukraine wants lower cap on Russian oil, at $30-$40 per barrel
 

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Comments (13)
Saul morales
Saul morales Nov 27, 2022 10:51PM ET
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$5 dollars and thats my last comedian joke
David Beckham
David Beckham Nov 27, 2022 5:34AM ET
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Let cap below 10 so stop flowing oil and spike to 200 let’s go
Hady Naqvi
Hady Naqvi Nov 27, 2022 3:39AM ET
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He is a real joker, he should have lived in 2022-23 not 80s
Brad Albright
Brad Albright Nov 26, 2022 6:32PM ET
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No surprised that Investing.com's collection of bigots, chauvinists and know-nothings appear to stand up for Russia's cruelty.
Benjamin USA
Benjamin USA Nov 26, 2022 6:32PM ET
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Beta males simp for their “strong man” be it Trump or Putin. It’s a sure sign of weakness.
zoom zoom
zoom zoom Nov 26, 2022 6:32PM ET
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Benjamin USA Shut up...you beta loving Biden....Trump is Alpha and good at that.
Milan Shukla
Milan Shukla Nov 26, 2022 4:52PM ET
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And who give rights to these bome head beggars to set internation oil price? They better save their *****from Russia
Brad Albright
Brad Albright Nov 26, 2022 4:52PM ET
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Watch and learn.
deeeeeez nuttttzzzzFJB
deeeeeez nuttttzzzzFJB Nov 26, 2022 4:26PM ET
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zelensky is a midget
Vladimir Liska
Vladimir Liska Nov 26, 2022 1:42PM ET
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Ukraine is the most corrupt country in the world
Benjamin USA
Benjamin USA Nov 26, 2022 1:42PM ET
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Not even close. They used to be when under Ruzzian influence. Now they are less corrupt than Ruzzia. Look it up you ignorant beta male.
zoom zoom
zoom zoom Nov 26, 2022 1:42PM ET
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Benjamin USA Again.,....SHUT UP,,,,Corrupted Country in the WORLD  FOOL!
Meru Pet
Meru Pet Nov 26, 2022 1:39PM ET
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Zelensky is too generous
Meru Pet
Meru Pet Nov 26, 2022 1:25PM ET
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optimism at his best
Kate Davis
Kate Davis Nov 26, 2022 1:24PM ET
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Showboy likes cheap oil too. lol
 
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