Published by Global Banking & Finance Review®
Posted on June 11, 2025
1 min readLast updated: January 23, 2026
Add as preferred source on GoogleThe Kremlin criticizes the EU's proposal to lower the Russian oil price cap, arguing it won't stabilize global energy markets.
MOSCOW (Reuters) -A lower price cap for Russian oil proposed by the European Commission does not contribute to the stabilization of global energy markets, Kremlin spokesperson Dmitry Peskov said on Wednesday.
In its new package of sanctions against Russia over Ukraine, the Commission on Tuesday proposed to lower the Group of Seven nations' price cap on Russian crude oil to $45 a barrel from $60 a barrel in a bid to cut the country's energy revenues.
Peskov also called the Western sanctions illegal.
(Reporting by Gleb Stolyarov; Writing by Vladimir Soldatkin; Editing by Jan Harvey)
The Kremlin stated that the lower price cap for Russian oil proposed by the European Commission does not help stabilize global energy markets.
The European Commission proposed to lower the price cap on Russian crude oil to $45 a barrel from the previous $60 a barrel.
Kremlin spokesperson Dmitry Peskov described the Western sanctions as illegal.
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