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Western price cap on Russian oil faces global opposition — Lavrov

"They have characterized the dollar not as the American currency, but as 'their' common heritage, ensuring the interdependence of the global economy and finance," the top Russian diplomat noted

MOSCOW, March 21. /TASS/. The global community is against the price cap on Russian oil imposed by the West, Russian Foreign Minister Sergey Lavrov said.

"It is clear that these dirty actions (the introduction of a price cap on Russian oil - TASS) are not welcomed by anyone," he said in an interview for the documentary "Oil" published on the website of the Russian Foreign Ministry. "Though few, especially in the West, have the guts to say it aloud," the minister added.

"What is this certain price cap on Russian oil that has been artificially imposed by the Americans and under their dictatorship - by the rest of the West? This is the grossest interference in the very market forces and free market principles that have been promoted by the Americans to everyone else for decades," Lavrov noted. "They have characterized the dollar not as the American currency, but as 'their' common heritage, ensuring the interdependence of the global economy and finance. This all went down the drain as soon as they wanted to use these instruments to, as they stated, inflict ‘a geopolitical defeat’ on the Russian Federation," he stressed.

On December 5, 2022, an embargo on maritime Russian oil shipments to the European Union came into force. G7 nations, the EU and Australia agreed on a price cap for Russian oil delivered by sea, setting the ceiling at $60 a barrel. Moreover, starting February 5, 2023, similar restrictions on deliveries of petroleum products from Russia were enforced as the EU Council officially greenlighted the decision, in conjunction with the G7, to introduce a price ceiling on Russian petroleum products supplied by sea at $100 for premium oil and at $45 for discount. Consent of all EU members and G7 nations is required for changing those restrictions.

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