Nuland is convinced that Russia will not stop oil exports after the price cap is put in place

The American Under Secretary of State for Political Affairs, Victoria Nuland, is convinced that the US$60 per barrel price cap on Russian oil that was agreed upon by the G7 states and the EU is the best option, as it guarantees stability in world oil prices, which would also be beneficial to Russia.

She said this at a meeting with journalists in Kyiv, European Pravda reports.

Nuland stressed that agreeing on the price cap was important for the US and its allies in order to avoid oil price blackmail by Russia.

"This price should have a double effect," the US Under Secretary for Political Affairs stated. "It will ensure that Russian oil remains on the market, and this will avoid price increases in case Russia simply leaves and the amount of oil available in the market falls. However, at the same time, we have set the maximum price anyone should pay for Russian oil."

Nuland also noted that everything was agreed upon at the beginning of her visit, so the price of US$60 was not a subject of negotiations in Kyiv.

As reported earlier, an agreement was reached between the 27 European Union member states, the G7 members, and Australia (together the Price Cap Coalition) to introduce a price cap on oil shipped by sea from the Russian Federation at the level of 60 USD per barrel.

The Russian Federation Embassy in the USA stated that the agreement on the ‘price ceiling’ for the supply of Russian tanker oil in practice means ‘reshaping the basic principles of the free markets functioning.’

The Kremlin criticised the price cap and said it would prepare a response.

Previously, the Russian Federation had declared that it would not sell oil to countries that introduce the price cap.

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