The Russian presidency (the Kremlin) announced, on Monday, that Moscow is preparing to respond to the European Union’s embargo on Russian oil supplies and the imposition of a price ceiling for it in the West, stressing that it “will not recognize any ceilings.”
“The decision is being prepared,” said Kremlin spokesman Dmitry Peskov, in response to a question about when Moscow’s expected response would be, adding that “the obvious thing is one, we will not recognize any ceilings.”
Commenting on the US statements that “nothing will change” after taking such decisions, Peskov said: “One thing will change, clear and indisputable: the adoption of these decisions is a step towards destabilizing global energy markets.”
Today, the ban imposed by the European Union on imports of Russian crude oil transported by sea last June came into effect, as well as the decision of the G7 industrialized countries, the European Union and Australia to set a ceiling for the price of Russian oil at $60 a barrel or less.
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The measures come within the framework of sanctions against Russia in order to limit its financial revenues and thus reduce the means of financing its war in Ukraine, which it started last February.
Europe also wants to reduce dependence on Russian energy supplies, after the Ukrainian crisis proved that it is at the mercy of Moscow regarding its energy security.
Russia has previously announced that it will not accept any ceiling imposed on the price of its oil, and warned that it will not export its oil to countries that impose a ceiling on its price, even if they are forced to reduce production.
On February 24, Russia launched a military operation in Ukraine, which was followed by angry international reactions and the imposition of “tough” economic and financial sanctions on Moscow.
Russia requires to end the process Ukraine’s abandonment of any plans to join military entities, including NATO, and its commitment to complete neutrality, which Kyiv considers “interfering with its sovereignty.”
