Breaking News
Investing Pro 0
Cyber Monday Extended SALE: Up to 60% OFF InvestingPro+ CLAIM OFFER

Russia's war on Ukraine latest news: G7 price cap on Russian oil kicks in

World 54 minutes ago (Dec 05, 2022 06:18AM ET)
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. Ukraine's President Volodymyr Zelenskiy speaks during a joint news conference with Czech Prime Minister Petr Fiala (not seen), as Russia's attack on Ukraine continues, in Kyiv, Ukraine October 31, 2022. REUTERS/Viacheslav Ratynskyi
 
CL
+2.88%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 

(Reuters) - A Group of Seven (G7) price cap on Russian seaborne oil came into force on Monday as the West tries to limit Moscow's ability to finance its war in Ukraine, though Russia has said it will not abide by the measure even if it has to cut production.

OIL PRICE CAP

* Russia, the world's second largest oil exporter, will not sell oil that is subject to a Western price cap even if it has to cut production, President Vladimir Putin's point man on energy said on Sunday.

* The Kremlin said the price cap would roil global energy markets but would not affect Russia's ability to fund its military operation in Ukraine.

* The G7 nations and Australia on Friday agreed a $60 per barrel price cap on Russian seaborne crude oil after European Union members overcame resistance from Poland, which wanted it even lower.

* The $60 price cap on seaborne Russian oil is not serious and will do little to deter Russia from waging its war, Ukrainian President Volodymyr Zelenskiy said.

* Russia said it would continue to find buyers for its oil, despite what it said was a "dangerous" attempt by Western governments to introduce a price cap on its oil exports.

DIPLOMACY

* French President Emmanuel Macron drew criticism from Ukraine and its Baltic allies over the weekend for suggesting the West should consider Russia's need for security guarantees if it agrees to talks to end the war.

* Putin is not sincere about peace talks with Ukraine while he is taking the war to a new level of "barbarism" by trying to turn off the lights of civilians, a top U.S. diplomat said.

FIGHTING

* Russian-installed officials said nine people were killed by Ukrainian shelling of a dormatory in the eastern Luhansk region.

* Ukrainian officials said one person was killed and three wounded by Russian rockets that hit the southern city of Kryvyi Rih.

* Zelenskiy said Ukrainian forces were holding positions along the front line, including near Bakhmut, viewed as Russia's next target in their advance through Donetsk.

* Russia's defence ministry said its troops were conducting successful operations in the area of Bakhmut and had pushed back Ukrainian attacks in the Donetsk direction.

* The head of U.S. intelligence said fighting in Ukraine was running at a "reduced tempo" and that militaries on both sides were looking to refit and resupply to prepare for a counter-offensive after the winter.

* Russia is likely planning to encircle the Donetsk Oblast town of Bakhmut with tactical advances to the north and south, Britain's defence ministry said.

* Reuters could not verify battlefield reports.

Russia's war on Ukraine latest news: G7 price cap on Russian oil kicks in
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments (57)
Ken Roth
Ken Roth 6 hours ago
Saved. See Saved Items.
This comment has already been saved in your Saved Items
The price cap on russian oil to 60$ is long overdue the chinese and indians are already paying less than that for russian oil, so why should the west pay more….looking forward to see how the chinese and indians will react, they buy russian oil with a discount of 30% so that should means that their price would be around 42$, not much left for russians to buy new airplanes, missiles and tanks. Putin is already giving his soldiers old equipment from ww2, so next equipment package for the upcomming new conscripts will perhaps contain russian sabels from ww1.
jason xx
jason xx 16 hours ago
Saved. See Saved Items.
This comment has already been saved in your Saved Items
So is puke and the rest of the subhuman military going to keep finding buyers or cut production?
jason xx
jason xx 16 hours ago
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Puketin loses either way
jason xx
jason xx 16 hours ago
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Good puketin cutting production works
jason xx
jason xx 21 hours ago
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Nato is at his door already but puketin is not Russia
Darn Culp
Darn Culp 22 hours ago
Saved. See Saved Items.
This comment has already been saved in your Saved Items
I bet ig the Corrupt Bidens werent in power this wouldnt be happening
jason xx
jason xx 20 hours ago
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Of course not. Traitor trump would have formed an alliance with Russia
Brad Albright
Brad Albright 18 hours ago
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Corrupt? How?
Rubbing Hands
Rubbing Hands 7 hours ago
Saved. See Saved Items.
This comment has already been saved in your Saved Items
since hunter is on Russias payroll, you might think he knows something. too bad he doesn't know anything. must have forgotten after all the crack in the bathtub. brad all but bright...
Brad Albright
Brad Albright 6 hours ago
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Well, you certainly come across as a serious and well informed person.
gab nea
gab nea Dec 04, 2022 6:27AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
erdogan still thinks putin is world leader and is concerned about provoking him? lmao! how can you mediate if you are afraid of one side?
jason xx
jason xx 20 hours ago
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Puketin doesn't understand mediation anyway. He only understands a missle up his A hole
Raul Najwa
Raul Najwa Dec 04, 2022 2:41AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
try to understand the stunt here - Russia already selling the oil at 60 to 65 dollars per barrel... The cap is not to cut off the Russian profit but indirectly they are agreeing to russian price and wants to force other vendors to sell oil at the russian price to them as inflation is going up. They can't say that "we don't care about ukraine, we will try to save ourselves first". So, the cap stunt comes here.
jason xx
jason xx 20 hours ago
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Save ourselves?
Brad Albright
Brad Albright 17 hours ago
Saved. See Saved Items.
This comment has already been saved in your Saved Items
In case you haven't noticed, there is great support for Ukraine in the west. Pay attention.
Jason Moreira
Rolln Dec 03, 2022 8:51PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
The only guarantee for Russia is that they have already lost.
Jason Moreira
Rolln Dec 03, 2022 8:50PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
What is Macron smoking.
jason xx
jason xx 20 hours ago
Saved. See Saved Items.
This comment has already been saved in your Saved Items
putin ****
jason xx
jason xx 20 hours ago
Saved. See Saved Items.
This comment has already been saved in your Saved Items
do. ng
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email