The price limit is to be enforced by ensuring that insurance companies and shipping companies are only allowed to participate in Russian oil deals if the raw material is sold for less than $60 a barrel. Russia has indicated a delivery boycott for states participating in a price cap.
Russia describes the planned oil price cap as dangerous and sees it as a violation of the laws of the free market. This would only fuel uncertainties and drive up raw material costs, the Russian embassy in the United States had said. But Russian oil will still be in demand.
Ukraine, on the other hand, described the upper price limit decided by the West as too high. In order to “destroy” the economy of the Russian enemy faster, it is necessary to reduce the price to $30, the Ukrainian presidential office said – eXXpress reported.