Russia Says ‘Dangerous’ Price Cap Won’t Curb Demand for Its Oil

Russia Says ‘Dangerous’ Price Cap Won’t Curb Demand for Its Oil
An aerial view shows the Vladimir Arsenyev tanker at the crude oil terminal Kozmino on the shore of Nakhodka Bay near the port city of Nakhodka, Russia, on Aug. 12, 2022. Tatiana Meel/Reuters
Reuters
Updated:

Russia said on Saturday it would continue to find buyers for its oil, despite what it said was a “dangerous” attempt by Western governments to introduce a price cap on its oil exports.

A coalition of Western countries led by the G7 group of nations agreed on Friday to cap the price of Russian seaborne oil at $60 a barrel, as they aim to limit Moscow’s revenues and curb its ability to finance its invasion of Ukraine.