Kremlin: Russia Prepares Response to Price Cap on Oil

The Kremlin says that Russia does not intend to recognise the "price cap" on Russian oil imposed by the West.

Kremlin-aligned news outlet Interfax, quoting Dmitry Peskov, the press secretary of the President of the Russian Federation; reported by Radio France International.

"The decision [on retaliatory measures by the Russian Federation – ed.] is being prepared. Of course, one thing is obvious. We will not recognise any ‘caps’", Peskov told journalists on 5 December.

Peskov has also been asked whether the world should prepare for higher oil prices.

"The situation [with oil prices – ed.] will change. It is obvious and undeniable that the adoption of these decisions is a step towards destabilising the world energy markets," the Kremlin’s spokesman said.

At the end of last week, the G7 countries announced that they agreed to set a price cap on oil exported from Russia by sea at US$60 per barrel.

Meanwhile, on 5 December, the decision of the EU Council on the price cap on Russian oil and the ban on maritime transportation of Russian oil to third countries came into force.