“It is only a matter of time before stronger tools have to be deployed. It is a pity that this time is lost.”
Andriy Yermak, head of the Zelensky government, said earlier that the limit should be set at $30 “to destroy the enemy’s economy more quickly”.
Kremlin spokesman Dmitry Peskov said Moscow had made preparations for Saturday’s price cap announcement.
“We do not accept this limit,” the RIA news agency quoted him as saying. He added that Russia would conduct a quick analysis of the agreement and then respond, RIA reported.
Russia has repeatedly said it will not supply oil to countries implementing the cap — a position reaffirmed on Saturday by Mikhail Ulyanov, Moscow’s ambassador to international organizations in Vienna, in social media posts.
“From this year onwards, Europe will live without Russian oil,” he said.
The G7 price cap allows non-EU countries to continue importing Russian crude by sea, but prohibits shipping, insurance and reinsurance companies from handling shipments of Russian crude around the world unless it is sold for less than 60 dollars. That could make it more difficult to ship Russian crude oil priced above the limit, even to countries not part of the deal.
Russian crude from the Urals was trading at about $67 a barrel on Friday.
US Treasury Secretary Janet Yellen said the cap would particularly benefit low- and middle-income countries that bear the brunt of high energy and food prices.
“With the Russian economy already shrinking and budgets getting tighter, the price cap will immediately cut into (President Vladimir) Putin’s main source of income,” Yellen said in a statement.
In comments published on Telegram, the Russian embassy in the United States criticized what it called the “dangerous” Western move and said Moscow would continue to find buyers for its oil.
“Steps like this will inevitably lead to increased uncertainty and higher costs for consumers of raw materials,” it said.
“Regardless of current flirtations with the dangerous and illegitimate instrument, we are confident that demand for Russian oil will continue.”