Kremlin shrugs off EU plans to lower oil price ceiling

Russia is shrugging off European Union plans for an even lower price ceiling on its oil exports, the TASS news agency reported, citing Kremlin spokesman Dmitri Peskov.

“Russia has not been living under restrictions for just a day – we have long operated under such conditions, which we continue to regard as unlawful,” Peskov is reported as saying.

“Russia has gained valuable and substantial experience that allows
us to minimize the adverse effects of such measures,” he added.

The EU is aiming to reduce the current price ceiling from $60 per barrel to $45, as part of efforts to tighten Western sanctions on Moscow.

Peskov said the move would not bring stability to global oil and energy markets. Russia now sells most of its oil to China and India, maintaining revenue streams that help fund its war economy.

The EU’s strategy is designed to apply financial pressure to the Kremlin, which relies heavily on raw material exports to sustain its state budget.

Moscow repeatedly makes clear that the bloc has not achieved its goal of halting the Russian invasion of Ukraine with its 17 sanctions packages to date.

Russia has nevertheless felt the effects and is demanding the lifting of sanctions in return for a ceasefire.

Ukrainian President Volodymyr Zelensky has called for the ceiling to be halved to $30 dollars per barrel.