"We will not accept this price cap," Kremlin spokesman Dmitry Peskov told domestic news agencies, adding that Russia, the world's second largest crude exporter, was "analysing" the move.
The $60 oil price cap will come into effect on Monday or soon after, alongside an EU embargo on maritime deliveries of Russian crude oil.
The embargo will prevent seaborne shipments of Russian crude to the European Union, which account for two thirds of the bloc's oil imports, potentially depriving Russia's war chest of billions of euros.
Kyiv welcomed the price cap, which stops countries paying more than $60 a barrel for Russian oil deliveries by tanker vessel and is designed to make it harder for Russia to bypass EU sanctions by selling beyond the EU at market prices.
This story is from the December 04, 2022 edition of The New Indian Express.
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This story is from the December 04, 2022 edition of The New Indian Express.
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