7 Dec 2022 14:03

Response to Russian oil price cap still being coordinated - Peskov

MOSCOW. Dec 7 (Interfax) - Russia has yet to elaborate a response to the oil price cap, Kremlin spokesman Dmitry Peskov said.

"The state of affairs in this area caused by the price cap decision is still being analyzed, and respective work and coordination are in progress. Once the final decisions are made, they will be formulated on paper," Peskov told reporters in response to a relevant question.

The Council of the European Union has decided to cap the Russian oil price at $60 per barrel. The decision took effect on December 5, alongside the embargo on Russian oil supplies to Europe. A similar ban has been imposed by G7 members (the United Kingdom, Germany, Italy, Canada, France, Japan and the United States) and Australia.