AUGAF
  • Home
  • Politics
  • Business
  • National
  • News
  • Finance
  • Technology
  • Sports
  • International
  • CommoditiesNew
  • Contact
No Result
View All Result
PSX
Currencies
  • Home
  • Politics
  • Business
  • National
  • News
  • Finance
  • Technology
  • Sports
  • International
  • CommoditiesNew
  • Contact
No Result
View All Result
AUGAF
No Result
View All Result
Home Business

Russia Says It Won’t Accept Oil Price Cap And Is Preparing Response

admin-augaf by admin-augaf
December 3, 2022
in Business, Politics
Reading Time: 2 mins read
0
Russia Says It Won’t Accept Oil Price Cap And Is Preparing Response

An aerial view shows the Vladimir Arsenyev tanker at the crude oil terminal Kozmino on the shore of Nakhodka Bay near the port city of Nakhodka, Russia August 12, 2022. AUGAF/REUTERS/Tatiana Meel

Share on FacebookShare on TwitterWhatsapp

Moscow December 3 2022: Russia "will not accept" a price cap on its oil and is analysing how to respond, the Kremlin said in comments reported on Saturday, in response to a deal by Western powers aimed at limiting a key source of funding for its war in Ukraine.

Kremlin spokesman Dmitry Peskov said Moscow had made preparations for Friday's price cap announcement by the Group of Seven nations, the European Union and Australia, the Russian state news agency TASS reported.

"We will not accept this cap," RIA news agency quoted him as saying. He added that Russia would conduct a rapid analysis of the agreement and respond after that, RIA reported.


Russia has repeatedly said it will not supply oil to countries that implement the cap - a stance reaffirmed by Mikhail Ulyanov, Moscow's ambassador to international organisations in Vienna, in posts on social media on Saturday.

"Starting from this year Europe will live without Russian oil," he said.

The G7 price cap will allow non-EU countries to continue importing seaborne Russian crude oil, but it will prohibit shipping, insurance and re-insurance companies from handling cargoes of Russian crude around the globe, unless it is sold for less than $60. That could complicate the shipment of Russian crude priced above the cap, even to countries which are not part of the agreement.

Russian Urals crude traded at around $67 a barrel on Friday.


U.S. Treasury Secretary Janet Yellen said the cap will particularly benefit low- and medium-income countries that have borne the brunt of high energy and food prices.

"With Russia's economy already contracting and its budget increasingly stretched thin, the price cap will immediately cut into (President Vladimir) Putin’s most important source of revenue," Yellen said in a statement.

In comments published on Telegram, Russia's embassy in the United States criticised what it called the "dangerous" Western move and said Moscow would continue to find buyers for its oil.

"Steps like these will inevitably result in increasing uncertainty and imposing higher costs for raw materials' consumers," it said.

"Regardless of the current flirtations with the dangerous and illegitimate instrument, we are confident that Russian oil will continue to be in demand."

Source: Reuters

Related Posts

Oil prices fall again below 100 in volatile trade on recession fears

Global Food Prices to Remain Elevated Amid War, Costly Energy, La Niña

Saudi Arabia eyes OPEC+ production increase -WSJ

OPEC+ sticks with 400,000 b/d oil output hike for December, despite US pleas


Tags: CommoditiesOIL
admin-augaf

admin-augaf

Related Posts

Italy’s Eni Signs $8 Billion Libya Gas Deal as PM Meloni Visits Tripoli
Business

Italy’s Eni Signs $8 Billion Libya Gas Deal as PM Meloni Visits Tripoli

January 29, 2023
Pakistan Never Default and Continue to Fulfill Commitments says Finance Minister
Business

Pakistan have to take Big Decisions to Come out of Economic Crisis: Ishaq Dar

January 29, 2023
Shah Mahmood Qureshi
Politics

Imran Khan will Contest by-elections on 33 Constituencies: Shah Mehmood Qureshi

January 29, 2023

Recent News

Italy’s Eni Signs $8 Billion Libya Gas Deal as PM Meloni Visits Tripoli

Italy’s Eni Signs $8 Billion Libya Gas Deal as PM Meloni Visits Tripoli

January 29, 2023
Pakistan Never Default and Continue to Fulfill Commitments says Finance Minister

Pakistan have to take Big Decisions to Come out of Economic Crisis: Ishaq Dar

January 29, 2023
Shah Mahmood Qureshi

Imran Khan will Contest by-elections on 33 Constituencies: Shah Mehmood Qureshi

January 29, 2023
SHIFA Hospital Fined for Medical Negligence and Malpractices

SHIFA Hospital Fined for Medical Negligence and Malpractices

January 29, 2023
India’s Fuel Demand Hits Eight-Month Peak In November

Government Increase Petrol and Diesel Prices Up to PKR 36 per Liter

January 29, 2023

Popular News

  • Central Directorate of National Savings

    President Prohibit National Savings For Changing Rates on Existing Certificates Retrospectively

    0 shares
    Share 0 Tweet 0
  • Pakistan Rupee Appreciate against Dollar in Interbank as IMF Confirmed Board Review Date

    0 shares
    Share 0 Tweet 0
  • Pakistan Rupee Fall After 13 Days of Successive Gains against Dollar on Lower Remittances and Strengthening of US Dollar

    0 shares
    Share 0 Tweet 0
  • Pakistan Central Bank Issued Show Cause Notice to Eight Banks Over Currency Speculation

    0 shares
    Share 0 Tweet 0
  • Pakistan Rupee Fall for the Straight Second Day Against Dollar on Opening of LCs

    0 shares
    Share 0 Tweet 0

Categories

  • Budget
  • Business
  • Culture
  • Finance
  • International
  • National
  • News
  • Politics
  • PTI
  • Sports
  • Technology
AUGAF Logo

Follow us on social media:

Recent News

  • Italy’s Eni Signs $8 Billion Libya Gas Deal as PM Meloni Visits Tripoli
  • Pakistan have to take Big Decisions to Come out of Economic Crisis: Ishaq Dar
  • Imran Khan will Contest by-elections on 33 Constituencies: Shah Mehmood Qureshi

Category

  • Budget
  • Business
  • Culture
  • Finance
  • International
  • National
  • News
  • Politics
  • PTI
  • Sports
  • Technology

Recent News

Italy’s Eni Signs $8 Billion Libya Gas Deal as PM Meloni Visits Tripoli

Italy’s Eni Signs $8 Billion Libya Gas Deal as PM Meloni Visits Tripoli

January 29, 2023
Pakistan Never Default and Continue to Fulfill Commitments says Finance Minister

Pakistan have to take Big Decisions to Come out of Economic Crisis: Ishaq Dar

January 29, 2023
  • Home
  • Politics
  • News
  • Business
  • National
  • Finance
  • Technology
  • International

© 2021 AUGAF.

No Result
View All Result
  • Home
  • Politics
  • Business
  • National
  • News
  • Finance
  • Technology
  • Sports
  • International
  • Commodities
  • Contact

© 2021 AUGAF.