Russian oil price cap should be set at $30-40 – Zelenskyy

Ukraine believes that it is advisable to cap the price of Russian oil at $30-40 per barrel.

This was stated by President Volodymyr Zelenskyy at a briefing in Kyiv on Saturday, our European Pravda correspondent reports.

"I think the cap that is being considered today – about $65 – is artificial. Russia will earn tens of billions in excess profits and use them against us. Unfortunately, not all countries share our pain," Zelenskyy said.

He said Ukraine supports the position of Lithuania and Poland, which are in favour of a significantly lower price ceiling for Russian oil.

"In any case, any restriction is a signal that countries will go further. But we would like the sanctions to be highly effective in this fight, and for the restrictions to be around $30-40, so that Russia feels them," Zelenskyy added.

EU countries have not yet agreed on how harsh the price cap, which is to be introduced jointly with the G7, should be.

Some countries, such as Poland, have objected to the proposal to set a limit of $65 per barrel, saying it is too generous to Russia. Other countries, including Greece, do not want to fall below this level.

The purpose of the price cap, which was originally proposed by the United States, is to keep Russian oil flowing while also limiting Moscow's revenues. Critics of the proposed level point out that Moscow is already selling its oil at a discount, so capping the price at that level would allow business to continue as usual.

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