MONITORING DESK
ISLAMABAD: Responding to an oil price cap on Russian sales of crude by G7 and other Western countries, Moscow termed the attempt “dangerous’ and that despite the move it would still be able to find buyers.
On Friday the Western states targeted Russian oil to limit Moscow’s war machine against Ukraine by limiting its oil revenue.
Russian leaders including President Vladimir Putin have made it clear that countries which implement would not be able to buy its oil.
In a Telegram post, Russia’s embassy in the United States issued a statement that despite principles free markets being reinvented and stressed that demand for Russian oil would continue.
G7 move to create uncertainties in market Price
The Russian embassy’s social media statement added that such moves would at some point result in imposing higher prices for consumers of raw materials due to the resultant uncertainties in the market.
Further, the post said that despite machinations to use such illegitimate methods to pressure Russia, its oil would stay in demand.
Regarding the issue a Twitter user posted the following tweet:
The terms of the price cap by G7 allow countries other than EU members to import Russia’s crude oil via marine means i.e., using ships. However, companies involved in re-insurance, insurance, and shipping would only be allowed to handle the shipments if the price of oil is below the cap.
