Index Investing News
Sunday, May 25, 2025
No Result
View All Result
  • Login
  • Home
  • World
  • Investing
  • Financial
  • Economy
  • Markets
  • Stocks
  • Crypto
  • Property
  • Sport
  • Entertainment
  • Opinion
  • Home
  • World
  • Investing
  • Financial
  • Economy
  • Markets
  • Stocks
  • Crypto
  • Property
  • Sport
  • Entertainment
  • Opinion
No Result
View All Result
Index Investing News
No Result
View All Result

Russia rejects $60-a-barrel cap on its oil, warns of cutoffs

by Index Investing News
December 3, 2022
in World
Reading Time: 4 mins read
A A
0
Home World
Share on FacebookShare on Twitter


KYIV, Ukraine — Russian authorities rejected a price cap on the country’s oil set by Ukraine’s Western supporters and threatened Saturday to stop supplying the nations that endorsed it.

Australia, Britain, Canada, Japan, the United States and the 27-nation European Union agreed Friday to cap what they would pay for Russian oil at $60-per-barrel. The limit is set to take effect Monday, along with an EU embargo on Russian oil shipped by sea.

Kremlin spokesman Dmitry Peskov said Russia needed to analyze the situation before deciding on a specific response but that it would not accept the price ceiling. Russia’s permanent representative to international organizations in Vienna, Mikhail Ulyanov, warned that the cap’s European backers would come to rue their decision.

“From this year, Europe will live without Russian oil,” Ulyanov tweeted. “Moscow has already made it clear that it will not supply oil to those countries that support anti-market price caps. Wait, very soon the EU will accuse Russia of using oil as a weapon.”

The office of Ukrainian President Volodymyr Zelenskyy, meanwhile, called Saturday for a lower price cap, saying the one adopted by the EU and the Group of Seven leading economies didn’t go far enough.

“It would be necessary to lower it to $30 in order to destroy the enemy’s economy faster,” Andriy Yermak, the head of Zelenskyy’s office, wrote on Telegram, staking out a position also favored by Poland — a leading critic of Russian President Vladimir Putin’s war in Ukraine.

Under Friday’s agreements, insurance companies and other firms needed to ship oil would only be able to deal with Russian crude if the oil is priced at or below the cap. Most insurers are located in the EU and the United Kingdom and could be required to observe the ceiling.

Russia’s crude has already been selling for around $60 a barrel, a deep discount from international benchmark Brent, which closed Friday at $85.42 per barrel.

The Russian Embassy in Washington insisted that Russian oil “will continue to be in demand” and criticized the price limit as “reshaping the basic principles of the functioning of free markets.” A post on the embassy’s Telegram channel predicted the per-barrel cap would lead to “a widespread increase in uncertainty and higher costs for consumers of raw materials.”

“What happens in China will help shape whether the price cap has any teeth,” said Jim Burkhard, an oil markets analyst with IHS Markit. He said dampened demand from China means most Russian crude exports are already selling below $60.

The price cap aims to put an economic squeeze on Russia and further crimp its ability to finance a war that has killed an untold number of civilians and fighters, driven millions of Ukrainians from their homes and weighed on the world economy for more than nine months.

The General Staff of the Ukrainian Armed Forces reported that since Friday Russia’s forces had fired five missiles, carried out 27 airstrikes and launched 44 shelling attacks against Ukraine’s military positions and civilian infrastructure.

Kyrylo Tymoshenko, the deputy head of the president’s office, said the attacks killed one civilian and wounded four others in eastern Ukraine’s Donetsk region. According to the U.K. Defense Ministry, Russian forces “continue to invest a large element of their overall military effort and firepower” around the small Donestsk city of Bakhmut, which they have spent weeks trying to capture.

In southern Ukraine’s Kherson province, whose capital city of the same name was liberated by Ukrainian forces three weeks ago following a Russian retreat, Gov. Yaroslav Yanushkevich said evacuations of civilians stuck in Russian-held territory across the Dnieper River would resume temporarily.

Russian forces pulled back to the river’s eastern bank last month. Yanushkevich said a ban on crossing the waterway would be lifted during daylight hours for three days for Ukrainian citizens who “did not have time to leave the temporarily occupied territory.” His announcement cited a “possible intensification of hostilities in this area.”

Kherson is one of four regions that Putin illegally annexed in September and vowed to defend as Russian territory. From their new positions, Russian troops have regularly shelled Kherson city and nearby infrastructure in recent days, leaving many residents without power. Running water remained unavailable in much of the city — and one resident was seen scooping up water from a dirty puddle.

The city continued to suffer heavy shelling Saturday that left many residents disoriented, toppled power lines and dumped torn-off tree branches on the roads.

“When we start to repair (electricity networks), the shelling starts immediately,” said Oleksandr Kravchenko, who is in charge of high-voltage networks in Kherson. “We just repair electric lines and on the next day we have to repair lines again.”

Ukrainian authorities also reported intense fighting in Luhansk and Russian shelling of northeastern Ukraine’s Kharkiv region, which Russia’s soldiers mostly withdrew from in September.

The mayor of the city of Kharkiv, which remained under Ukrainian control during Russia’s occupation of other parts of the region, said some 500 apartment buildings were damaged beyond repair, and nearly 220 schools and kindergartens were damaged or destroyed. He estimated the cost of the damage at $9 billion.

Russian Defense Minister Sergei Shoigu met Saturday in Minsk with the president and defense minister of Belarus, which hosts Russian troops and artillery. Belarus has said its own forces are not taking part in the war, but Ukrainian officials have frequently expressed concern that they could be be induced to cross the border into northern Ukraine.

Belarusian President Alexander Lukashenko said at the meeting that his troops and Russian forces train in coordination. “We ready ourselves as one grouping, one army. Everyone knows it. We were not hiding it,” he was quoted as saying by the news agency Interfax.

———

Inna Varenytsia in Kherson, Ukraine, and Frank Bajak in Boston contributed to this report.

———

Follow AP’s coverage of the war in Ukraine: https://apnews.com/hub/russia-ukraine



Source link

Tags: 60abarrelCapcutoffsOilrejectsRussiaWarns
ShareTweetShareShare
Previous Post

3AC bankruptcy process faces challenges amid unknown whereabouts of founders By Cointelegraph

Next Post

A US Senate hearing will discuss FTX, New York bans proof-of-work and FTX evaluates its assets: Hodler’s Digest, Nov. 20-26

Related Posts

Ukraine beneath Russian missile, drone assaults for second evening, 12 killed | Russia-Ukraine conflict Information

Ukraine beneath Russian missile, drone assaults for second evening, 12 killed | Russia-Ukraine conflict Information

by Index Investing News
May 25, 2025
0

Ukrainian overseas minister describes air assaults on third day of prisoner swap as greatest in weeks.Russia has focused Ukraine for...

Cannes Movie Competition: Palme d’Or awarded to Iranian filmmaker

Cannes Movie Competition: Palme d’Or awarded to Iranian filmmaker

by Index Investing News
May 25, 2025
0

he closing ceremony acquired underway Saturday after a serious energy outage struck southeastern France as a consequence of what police...

9 kids of a health care provider amongst 79 individuals killed in Israeli air strike in Gaza

9 kids of a health care provider amongst 79 individuals killed in Israeli air strike in Gaza

by Index Investing News
May 25, 2025
0

NINE kids of a health care provider have been amongst 79 individuals to die in an Israeli air strike.Dr Alaa...

Arson suspected as energy outage in France disrupts last day of Cannes Movie Competition

Arson suspected as energy outage in France disrupts last day of Cannes Movie Competition

by Index Investing News
May 24, 2025
0

CANNES, France -- French authorities consider arson could have performed a task in an influence outage Saturday in southeast France...

Paris arrested Telegram founder to meddle in Romanian election — Moscow — RT World Information

Paris arrested Telegram founder to meddle in Romanian election — Moscow — RT World Information

by Index Investing News
May 24, 2025
0

Pavel Durov has stated that French intelligence tried to censor conservatives on the platform throughout election marketing campaign season Russian...

Next Post
A US Senate hearing will discuss FTX, New York bans proof-of-work and FTX evaluates its assets: Hodler’s Digest, Nov. 20-26

A US Senate hearing will discuss FTX, New York bans proof-of-work and FTX evaluates its assets: Hodler’s Digest, Nov. 20-26

Thieves steal rare Banksy mural in Ukraine by cutting artwork from the side of scorched building before being arrested

Thieves steal rare Banksy mural in Ukraine by cutting artwork from the side of scorched building before being arrested

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

RECOMMENDED

Polkadot leads stagnant top 10 with marginal 24 hour gains

Polkadot leads stagnant top 10 with marginal 24 hour gains

October 20, 2022
As Recruiting Wars Heat Up, Coldwell Banker Nabs Texas Indie

As Recruiting Wars Heat Up, Coldwell Banker Nabs Texas Indie

January 8, 2024
Falcons hire Raheem Morris as next head coach

Falcons hire Raheem Morris as next head coach

January 26, 2024
This American Idol Winner Slams Coronation Single as ‘Utter Crap’

This American Idol Winner Slams Coronation Single as ‘Utter Crap’

July 6, 2022
How Web3 Is Remodeling the Gaming Business

How Web3 Is Remodeling the Gaming Business

May 21, 2022
Rebel Moon: Part One – A Child of Fire, Netflix releases the full trailer for Zack Snyder’s epic

Rebel Moon: Part One – A Child of Fire, Netflix releases the full trailer for Zack Snyder’s epic

November 13, 2023
How Do I Evict My Roommates?

How Do I Evict My Roommates?

February 24, 2024
Airbnb, Oracle, American Express and more

Airbnb, Oracle, American Express and more

September 5, 2023
Index Investing News

Get the latest news and follow the coverage of Investing, World News, Stocks, Market Analysis, Business & Financial News, and more from the top trusted sources.

  • 1717575246.7
  • Browse the latest news about investing and more
  • Contact us
  • Cookie Privacy Policy
  • Disclaimer
  • DMCA
  • Privacy Policy
  • Terms and Conditions
  • xtw18387b488

Copyright © 2022 - Index Investing News.
Index Investing News is not responsible for the content of external sites.

No Result
View All Result
  • Home
  • World
  • Investing
  • Financial
  • Economy
  • Markets
  • Stocks
  • Crypto
  • Property
  • Sport
  • Entertainment
  • Opinion

Copyright © 2022 - Index Investing News.
Index Investing News is not responsible for the content of external sites.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In