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Zelenskyy calls for $30-$40 Russian oil price cap: report – POLITICO

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Ukrainian President Volodymyr Zelenskyy called on Saturday for the ceiling price for Russian oil transported by sea to be set at $30-40 a barrel, well below the level proposed by the G7, Reuters reported.

EU governments are split over pressure from the G7 to set the cap at $65-$70 a barrel.

“The limit being considered today – around $60 – I think is an artificial limit,” Zelenskyy told a news conference on Saturday, according to Reuters.

“We would like the sanctions to be very effective in this fight, so that the limit is at the level of 30 to 40 dollars, so that Russia feels them,” the news agency quoted the Ukrainian leader as saying.

Ambassadors to the EU failed to agree on the maximum price at which Russian oil should be allowed to trade. They want to agree on the price cap plan as soon as possible, as an EU embargo on Russian crude comes into effect on December 5.

Poland is one of the countries pushing for a lower price cap level. Polish Climate Minister Anna Moskwa told POLITICO earlier this week that the limit “must be as low as possible” and as close to Russia’s production costs “as possible” to ensure Moscow makes a minimum profit. .

Zelenskyy on Friday called the proposal of around $70 a barrel “rather like a concession” to Moscow, as it is well above Russian production costs. “But I’m very grateful to our Baltic and Polish colleagues for their very reasonable proposals to set this camp at $30 a barrel. That’s a much better idea,” he said.



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