Moscow preparing response on price cap for Russian oil: Kremlin

By Burc Eruygur

ISTANBUL (AA) - Moscow on Monday said it is preparing a response to a price cap on its oil by the EU and Group of Seven, as an embargo on imports for Russian seaborne oil came into force.

The West says the cap of $60 per barrel is aimed at limiting Russia’s ability to finance its war on Ukraine that started in February.

"The decision is being taken," Kremlin spokesman Dmitry Peskov told a press briefing, in response to a question regarding when Moscow's response could be expected against the decision.

Noting that Russia will not recognize “any ceilings,” Peskov said the adoption of such decisions are “a step towards destabilizing the world energy market.”

Peskov said the Russian economy has the potential to meet all the needs of the “special military operation” in Ukraine, and that the oil price ceiling will not affect this.

“Sanctions against Russia cause obvious harm to European countries, it is unprofessional to deny it,” Peskov said, adding that sanctions have brought certain problems to Russia, but they are not of a critical nature.