Price Cap on Russian Crude Sparks Mixed Reactions

The decision to cap Russian oil prices, taken last Friday by the Group of Seven and the European Union, sparked mixed reactions internationally, especially from the Russian side.
In response to this decision, Alexander Novak, DPM of Russia, said on Sunday “Russia would not sell oil that is subject to a price cap imposed by the West, even if Moscow were to require reducing crude production.”
Commenting on this decision, Ukrainian President Volodymyr Zelensky said that this “will not help much in pushing Russia to pull back from its war on Ukraine.”
The White House “welcomed” the deal, and National Security Council spokesman John Kirby stated “we still believe that imposing a price limitation will curb Putin’s ability to profit from the oil market and to continue the war machine.”
Economic experts issued a strong warning against the plan to cap the price of Russian oil, pointing out that given the scale of these nations’ imports of Russian crude, this move will not only have a severe impact on the Russian economy but also on the economies of the eurozone.
The G7 nations and Australia decided, last Friday, to set a maximum price per barrel of Russian crude oil delivered by sea at $60.