Moscow says considering options to respond to price cap imposed by West on Russian oil sales

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Russian media say Moscow is weighing its options to respond to the price cap imposed by the West on its oil sales. Citing Russian officials, the daily newspaper Vedomosti says the options include banning oil sales to countries that support the price cap and setting maximum discounts to international benchmarks. The 60-dollar price limit on Russia’s seaborne oil agreed by Ukraine’s Western allies came into force on Monday. The restrictions are aimed at hitting Russia’s revenues to reduce its ability to finance the war in Ukraine. However, Moscow says the cap would not hurt its economy. Kiev has also reacted, by calling the move ineffective and a weak position by its allies.

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