Friday, September 29, 2023
manilastandard.net
ADVERTISEMENT
  • About
  • News
    • Top Stories
    • National
    • World News
    • Pinoy Abroad
    • Features
  • Opinion
    • Editorial
    • Columns
    • Soundbytes
  • LGUs
    • NCR
    • Luzon
    • Visayas
    • Mindanao
  • Business
    • Corporate
    • Economy & Trade
    • Stocks
    • Money
    • Agri & Mining
    • Power & Tech
    • IT & Telecom
  • Sports
    • Basketball
    • Volleyball
    • Fightsports
    • Active
    • Sports Plus
    • One Championship
    • Columns
  • Entertainment
    • TV & Movies
    • Celebrity Profiles
    • Music & Concerts
    • Digital Media
    • Columns
  • Lifestyle
    • Food
    • Culture & Media
    • Fashion
    • Health and Home
    • Leisure
    • Shopping
    • Columns
    • Young Life
  • Special Pages
    • Pets
    • Tech
      • Gadgets
      • Computers
      • Business
      • Tech Plus
    • On the Road
      • Sedan
      • SUV
      • Truck
      • Bike
      • Accessories
      • Motoring Plus
      • Commuter’s Corner
    • Home & Design
      • Residential
      • Commercial
      • Construction
      • Interior
    • Spotlight
    • Cravings
    • Environment & Sustainability
    • Agriculture
    • Pop.Life
      • Newsmakers
      • Hangouts
      • A-Pop
      • Post Its
      • Performances
      • Malls & Bazaars
      • Hobbies & Collections
    • Events
      • Seminars
      • Exhibits
      • Community
    • Biyahero
      • Travel Features
      • Travel Reels
      • Travel Logs
    • Gallery
      • Photos
      • Videos
  • Advertise with Us
No Result
View All Result
  • About
  • News
    • Top Stories
    • National
    • World News
    • Pinoy Abroad
    • Features
  • Opinion
    • Editorial
    • Columns
    • Soundbytes
  • LGUs
    • NCR
    • Luzon
    • Visayas
    • Mindanao
  • Business
    • Corporate
    • Economy & Trade
    • Stocks
    • Money
    • Agri & Mining
    • Power & Tech
    • IT & Telecom
  • Sports
    • Basketball
    • Volleyball
    • Fightsports
    • Active
    • Sports Plus
    • One Championship
    • Columns
  • Entertainment
    • TV & Movies
    • Celebrity Profiles
    • Music & Concerts
    • Digital Media
    • Columns
  • Lifestyle
    • Food
    • Culture & Media
    • Fashion
    • Health and Home
    • Leisure
    • Shopping
    • Columns
    • Young Life
  • Special Pages
    • Pets
    • Tech
      • Gadgets
      • Computers
      • Business
      • Tech Plus
    • On the Road
      • Sedan
      • SUV
      • Truck
      • Bike
      • Accessories
      • Motoring Plus
      • Commuter’s Corner
    • Home & Design
      • Residential
      • Commercial
      • Construction
      • Interior
    • Spotlight
    • Cravings
    • Environment & Sustainability
    • Agriculture
    • Pop.Life
      • Newsmakers
      • Hangouts
      • A-Pop
      • Post Its
      • Performances
      • Malls & Bazaars
      • Hobbies & Collections
    • Events
      • Seminars
      • Exhibits
      • Community
    • Biyahero
      • Travel Features
      • Travel Reels
      • Travel Logs
    • Gallery
      • Photos
      • Videos
  • Advertise with Us
No Result
View All Result
manilastandard.net
No Result
View All Result
Home News

Russia denounces oil price cap agreed by EU, G7 countries

AFPbyAFP
December 4, 2022, 6:05 pm
in News, World News
Reading Time: 4 mins read
A A
Share on FacebookShare on TwitterShare on Email

Kyiv, Ukraine—Russia on Saturday denounced a $60 price cap on its oil agreed by the EU, G7 and Australia, even as Ukraine suggested it was not tough enough and might have to be revisited.

“We will not accept this price cap,” Kremlin spokesman Dmitry Peskov told domestic news agencies, adding that Russia, the world’s second-largest crude exporter, was “analyzing” the move.

The $60 oil price cap will come into effect on Monday or soon after, alongside an EU embargo on maritime deliveries of Russian crude oil.

The embargo will prevent seaborne shipments of Russian crude to the European Union, which account for two-thirds of the bloc’s oil imports from Russia, potentially depriving Russia’s war chest of billions of euros.

But while Kyiv welcomed the price cap earlier Saturday, Ukraine President Volodymyr Zelensky said in his evening address that the level set was not “serious” as it would not do enough damage to the Russian economy.

“Russia has already caused huge losses to all countries of the world by deliberately destabilizing the energy market,” he argued in his nightly address, describing the decision on the price cap as “a weak position.”

It is “only a matter of time when stronger tools will have to be used”, Zelensky added.

The G7 nations—Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States—along with Australia have already said they are prepared to adjust the price ceiling if necessary.

The cap stops countries from paying more than $60 a barrel for Russian oil deliveries by tanker vessel and is designed to make it harder for Russia to bypass EU sanctions by selling beyond the European Union at market prices.

Limit funds for the ‘war machine’

Zelensky, in his speech, appeared to be backing the position that Poland had tried to hold out for before agreeing to the $60 ceiling late Friday. Warsaw and the Baltic states had argued for a $30 cap.

The market price of a barrel of Russian Urals crude is currently around $65 dollars, just slightly higher than the $60 cap agreed upon, suggesting the measure may have only a limited impact in the short term.

The G7 said it was delivering on its vow “to prevent Russia from profiting from its war of aggression against Ukraine, to support stability in global energy markets and to minimize negative economic spillovers of Russia’s war of aggression.”

The White House described the cap as “welcome news” that would help limit Russian President Vladimir Putin’s ability to fund the Kremlin’s “war machine.”

Russia has threatened to stop deliveries to countries adopting the measure.

Russia has earned 67 billion euros ($71 billion) from the sale of oil to the European Union since the start of the war in February.

Its annual military budget amounts to around 60 billion, said Phuc-Vinh Nguyen, an energy expert at the Institut Jacques-Delors in Paris.

The EU embargo on seaborne deliveries follows a decision by Germany and Poland to stop taking Russian oil via pipeline by the end of 2022.

In all, more than 90 percent of Russian deliveries to the European Union will be hit, according to the bloc. 

‘Endure’ power cuts

On the ground, Russian forces carried out strikes in the east of Ukraine on Saturday, hitting a “civilian infrastructure facility” in the eastern city of Kramatorsk, the Ukrainian army said.

After suffering humiliating defeats during what has become the largest armed conflict in Europe since World War II, Russia began targeting Ukrainian energy infrastructure in October.

The strikes have caused sweeping blackouts and cut off water supplies and heating to civilians at a time when the temperature in some regions has dropped to minus five degrees Celsius (41 degrees Fahrenheit).

The authorities have introduced scheduled power cuts several times a day to keep the essential infrastructure working.

In eastern Ukraine, where the fighting is still raging, the governor of Lugansk region, Sergei Gaidai, said the conflict was heavy “because the Russians had time to prepare.” Ukraine’s forces were nevertheless slowly moving forward, he added.

Ukraine’s presidency said the situation was also difficult in Bakhmut, in the neighboring Donetsk region, which Russian forces have been trying to capture since summer.

On Saturday, the governor of the southern region of Mykolaiv, Vitaly Kim, urged citizens to “endure” the electricity shortages.

Putin on Friday told Germany’s Chancellor Olaf Scholz the Russian strikes, which have destroyed close to half of the Ukrainian energy system, were an “inevitable response to Kyiv’s provocative attacks on Russia’s civilian infrastructure.”

He was referring in particular to the October attack on a bridge linking Moscow-annexed Crimea to the Russian mainland.

Putin accused the West of carrying out “destructive” policies in Ukraine, the Kremlin said, stressing that Western political and financial aid meant Kyiv “completely rejects the idea of any negotiations.”

Ukrainian President Volodymyr Zelensky has ruled out talks with Russia while Putin is in power after the Kremlin claimed to have annexed several Ukrainian regions.

The Kremlin also said Saturday that Putin would “in due time” visit the Donbas region of eastern Ukraine, which he claims to have annexed. But Peskov gave no indication of when this could happen.

Tags: EUG7oil price capRussiaUkraine
ADVERTISEMENT
AFP

AFP

Related Posts

PhilHealth website back online

byManila Standard
September 29, 2023, 3:20 pm
0
8
Hospitals group urges members to set ‘PhilHealth holiday’ protest

The Philippine Health Insurance Corporation (PhilHealth) announces the resumption of its Corporate Website and Member Portal effective 12 noon of...

Read more

House okays P5.768-t post-pandemic budget

byMaricel Cruzand2 others
September 29, 2023, 1:10 am
0
8
Marcos, Macron tackle WPS security issues, bilateral ties

Small committee to tackle realignment of confidential funds The House of Representatives approved the proposed P5.768 trillion national budget Wednesday...

Read more

‘OVP intel funds invalid but not impeachment ground’

byMaricel Cruzand1 others
September 29, 2023, 1:05 am
0
8
PBBM vows ‘all possible aid’ to Ranara family

Albay Rep. Edcel Lagman said the release of P125 million in confidential funds to the Office of Vice President (OVP)...

Read more

Q3 pro-admin sentiment down to 43%—survey

byJulito G. Radaand1 others
September 29, 2023, 1:00 am
0
8
Southwoods nails Seniors’ Fil golf crown

More Filipinos are dissatisfied with the Marcos administration but not enough are leaning toward the political opposition, the PAHAYAG 2023...

Read more

Congress passes several crucial priority measures

byMacon Ramos-Aranetaand1 others
September 29, 2023, 12:55 am
0
8
Halls of majesty

Speaker Martin G. Romualdez congratulated the House of Representatives for the speedy passage of 20 pieces of legislation aimed at...

Read more

Marcos, Macron tackle WPS security issues, bilateral ties

byCharles Dantesand1 others
September 29, 2023, 12:50 am
0
8
Marcos, Macron tackle WPS security issues, bilateral ties

President Ferdinand Marcos Jr. and French President Emmanuel Macron discussed security issues in the West Philippine Sea (WPS) in a...

Read more

Print Edition

View More

Recent Posts

  • Researchers find no evidence vaping leads to smoking
  • Stephen Loman sees John Lineker as last hump before dream title shot
  • (no title)
  • BingoPlus renews partnership with PBA, recommits support for basketball and sports in general
  • PBA-USANA Run set on Oct 22, lures 300 participants
  • ‘A Very Good Girl’ earns P10m on first day at box office
  • PhilHealth website back online
  • Globe returns as co-presenter for Cosplay Mania, celebrates anime, cosplay fans

Advertisement

Latest News

‘A Very Good Girl’ earns P10m on first day at box office

byManila Standard Showbiz
September 29, 2023, 3:33 pm
0
8
‘A Very Good Girl’ earns P10m on first day at box office

ABS-CBN Films' "A Very Good Girl" had a remarkable opening day, earning over P10 million and becoming the biggest Filipino...

Read more

PhilHealth website back online

byManila Standard
September 29, 2023, 3:20 pm
0
8
Hospitals group urges members to set ‘PhilHealth holiday’ protest

The Philippine Health Insurance Corporation (PhilHealth) announces the resumption of its Corporate Website and Member Portal effective 12 noon of...

Read more

Globe returns as co-presenter for Cosplay Mania, celebrates anime, cosplay fans

byManila Standard - Tech
September 29, 2023, 2:27 pm
0
8
Globe returns as co-presenter for Cosplay Mania, celebrates anime, cosplay fans

Globe returns as the title sponsor for Cosplay Mania, Asia's premier Japanese content convention, its second consecutive year of hosting...

Read more

PackPrintPlas Philippines 2023 returns this October at SMX

byManila Standard
September 29, 2023, 2:09 pm
0
8
PackPrintPlas Philippines 2023 returns this October at SMX

PackPrintPlas Philippines 2023, the 29th edition, is gearing up for an exciting three-day event set to take place from October...

Read more

ADB approves capital management reforms to unlock $100 billion in new funding

byManila Standard Business
September 29, 2023, 9:51 am
0
8
ADB approves capital management reforms to unlock $100 billion in new funding

The Asian Development Bank (ADB) said Friday it approved capital management reforms that unlock $100 billion in new funding capacity...

Read more

Advertisement

ADVERTISEMENT
Facebook Twitter Instagram Youtube

ABOUT US

Manila Standard

Manila Standard website (manilastandard.net), launched in August 2002, extends the newspaper’s reach beyond its traditional readers and makes its brand of Philippine news and opinion available to a much wider and geographically diverse readership here and overseas.

Digital Edition

In tone and content, the online edition mirrors the editorial thrust of the newspaper. While hewing to the traditional precepts of fairness and objectivity, MS believes the news of the day need not be staid, overly long or dry. Stories are succinct, readable and written in a lively style that has become a hallmark of the newspaper.

Download – Today’s Paper

Search

No Result
View All Result

6th Floor Universal Re Bldg., 106 Paseo De Roxas cor. Perea Street, Legaspi Village, 1226 Makati City Philippines

Trunklines: 832-5554, 832-5556, 832-5558

© 2021 Manila Standard - Designed and Developed by Neitiviti Studios.

No Result
View All Result
  • About
  • News
    • Top Stories
    • National
    • World News
    • Pinoy Abroad
    • Features
  • Opinion
    • Editorial
    • Columns
    • Soundbytes
  • LGUs
    • NCR
    • Luzon
    • Visayas
    • Mindanao
  • Business
    • Corporate
    • Economy & Trade
    • Stocks
    • Money
    • Agri & Mining
    • Power & Tech
    • IT & Telecom
  • Sports
    • Basketball
    • Volleyball
    • Fightsports
    • Active
    • Sports Plus
    • One Championship
    • Columns
  • Entertainment
    • TV & Movies
    • Celebrity Profiles
    • Music & Concerts
    • Digital Media
    • Columns
  • Lifestyle
    • Food
    • Culture & Media
    • Fashion
    • Health and Home
    • Leisure
    • Shopping
    • Columns
    • Young Life
  • Pets
  • Tech
    • Gadgets
    • Computers
    • Business
    • Tech Plus
  • ON THE ROAD
    • Sedan
    • SUV
    • Truck
    • Bike
    • Accessories
    • Motoring Plus
    • Commuter’s Corner
  • Home & Design
    • Residential
    • Commercial
    • Construction
    • Interior
  • Spotlight
  • Cravings
  • Environment & Sustainability
  • Agriculture
  • Pop.Life
    • Newsmakers
    • Hangouts
    • A-Pop
    • Post Its
    • Performances
    • Malls & Bazaars
    • Hobbies & Collections
  • Events
    • Seminars
    • Exhibits
    • Community
  • Biyahero
    • Travel Features
    • Travel Reels
    • Travel Logs
  • Gallery
    • Photos
    • Videos
  • Advertise with Us

© 2021 Manila Standard - Designed and Developed by Neitiviti Studios.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Install Manila Standard Web App

Install App