January 19, 2023 18:53 GMT
Ukraine Calls On US To Reduce Price Cap On Russia Oil
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Ukrainian Foreign Minister Dmytro Kuleba has issued a statement on Twitter calling on the US to "drastically" reduce the price cap on Russian oil which currently stands at USD$60 per barrel ahead of a review expected next week.
- Kuleba: "Ukraine is confident it's time to review the oil price cap given the current market price on Urals is lower than 50 USD per barrel. This decision should ensure a drastic reduction in Russia's income to finance the war, mass atrocities, and destabilization in Europe and elsewhere."
- According to Bloomberg, the Biden administration would prefer to wait to see the impact of additional measures on Russian refined oil to be enacted on February 5 before committing to any moderation to the cap.
- Reuters reports that Poland, Estonia, and Lithuania are leading a push from Russia hawks to lower the price cap from the current USD$60 per barrel.
- Bloomberg: "Russia’s flagship oil Urals is trading far below international prices — and the Group of Seven’s $60 per barrel cap that came into effect on Dec. 5..."