(Reuters) – Ukrainian President Volodimir Zelensky said on Saturday that the price of Russian oil transported by sea should be capped at between $30 and $40 a barrel, lower than that proposed by the Group of Seven (G7) countries. .
The European Union, which seeks to limit Moscow’s ability to finance the war in Ukraine without causing an oil shock, is divided on the G7’s proposal to set the ceiling between 65 and 70 dollars a barrel.
The measure is due to come into effect on December 5.
“The limit being considered today – around $60 – seems artificial to me,” said Volodimir Zelensky, who continues to push the allies to impose tougher sanctions of all kinds against Russia.
“We would like the sanctions to be very effective in this fight, so that the limit is at the level of 30 to 40 dollars, so that Russia feels them,” he told a press conference.
The cap is intended to prohibit shipping, insurance and reinsurance companies from handling shipments of Russian crude around the world unless they are sold at a price lower than that set by the G7 and its allies.
Poland, Estonia and Lithuania are pushing for the cap to be significantly lower at $65-70 a barrel, while Greece, Cyprus and Malta want a higher cap.
(Reporting Dan Peleschuk, editing by David Ljunggren; French version Kate Entringer)
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