Moscow won’t accept oil export price caps, says Kremlin spokesman

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Moscow would not accept a price cap on its oil exports enacted by a number of western countries, according to Kremlin spokesman Dmitry Peskov.

“One thing is obvious here – we will not recognize any price caps,” Peskov said Monday during his daily conference call with journalists, adding that Russia would prepare a response to the measure.

The Group of 7 countries—Australia, Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States—as well as the European Union’s 27 members put a restriction on the price of Russian oil on Friday at $60 per barrel. The cap will take effect on Monday.

The measure, which is intended to be implemented by businesses that provide transportation, insurance, and other services for Russian oil, aims to lower Russia’s income from oil exports.

They would refuse to provide those services if the buyer had agreed to pay more than the cap. These businesses are primarily situated in Europe or the UK.

The decision to impose the cap would not affect Russia’s ability to carry out its “special military operation” in Ukraine, said Peskov.

“The Russian economy has the necessary potential to fully meet all the needs and requirements of the special military operation,” he said. “Such measures will not affect it.”

However the price cap would have an effect on the stability of the energy market, said Peskov.

“One thing is obvious and indisputable: the adoption of these decisions is a step towards destabilizing the world energy markets,” he said.

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