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Russia rejects West's oil price cap, mulls supply suspension
Dec 04, 2022 11:47 PM
Moscow has voiced opposition against a price cap on Russian oil and said European countries championing the price cap could face a suspension of oil supplies, local media reported over the weekend.
The Kremlin's uncompromising stance came on the heels of a Friday announcement by the Group of Seven (G7) nations and Australia to join the EU in setting a $60 a barrel cap on Russian seaborne crude oil.
The price ceiling is indicative of Europe's plans to maneuver the non-market practice into propaganda to show its political correctness, experts said, arguing against the West's hype around the cap supposedly serving as a stabilizer to global energy supplies with discounted Russian oil.
A bruising scenario in the wake of the price cap could be a possible hike in oil prices that eventually boomerangs on the EU and adds to the bloc's economic sufferings, they noted.
Russia rejects West's oil price cap, mulls supply suspension - Global Times
