Kremlin claims western oil price cap will destabilise global markets

The Kremlin has warned the new western price cap on Russian oil will destabilise global energy markets but claimed it will not impact its invasion of Ukraine, Qazet.az reports according to Kremlin.

Spokesperson Dmitry Peskov said Russia was preparing how it would respond to the move by the G7 and allies to ban countries and companies from dealing with Russian sea-borne exports of oil where the price is above $60 a barrel, reports Reuters.

“Russia and the Russian economy have the required capacity to fully meet the needs and requirements of the special military operation,” Peskov said today when asked whether the price cap would affect Russia’s military campaign in Ukraine.

He added that the price cap would “completely destabilise” the global energy markets, and told Europeans that should brace themselves for higher prices.