Kremlin warns West of retaliation after G7 oil price cap proposal

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The Kremlin warned on Monday (5/9) the West that it will retaliate regarding the proposal by the Group of 7 (G7) to impose a ceiling on the price of Russian oil.

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“There can only be retaliatory measures,” the Kremlin spokesman said Dmitry Peskov to journalists.

Group of 7 (G7) finance ministers agreed on Friday (9/2) to the cap in an attempt to pressure Russia over its actions in Ukraine but Moscow has pledged to halt sales to countries that impose it.

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Peskov said, according to the Athens News Agency, last week that Russia was considering how the price ceiling on its oil exports would affect its economy and warned that the move would destabilize the global oil market.

Source: News Beast

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