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Russia warns it will cut off oil supplies after countries vote for price cap of $60 a barrel

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Russian officials have rejected a price cap on the country’s oil set by UkraineWestern supporters of the United States and on Saturday threatened to cut supplies to countries that backed it.

Australia, the United Kingdom, Canada, Japan, the United States and 27 European Union (EU) countries agreed on Friday to limit payments for Russian oil to $60 a barrel. The limit is set to take effect on Monday. EU embargo on Russian oil Shipped by sea.

Kremlin spokesman Dmitry Peskov said Russia would need to analyze the situation before deciding on a concrete response, but would not accept a price ceiling. Mikhail Ulyanov, Russia’s permanent representative to international organizations in Vienna, warned that Cap’s European supporters would undermine their decision.

“Europe will be able to live without Russian oil from this year,” Ulyanov tweeted. “Moscow has already made it clear that it will not supply oil to countries that support an anti-market price cap. Wait, the EU will soon accuse Russia of using oil as a weapon.”

Meanwhile, Ukraine’s President Volodymyr Zelensky said on Saturday that the cap adopted by the EU and the Group of Seven (G7) was not sufficient and called for a lower limit.

“To destroy the enemy’s economy faster, it will be necessary to bring it down to $30,” Andriy Yermak, the head of Zelensky’s office, wrote on Telegram, referring to Russian President Vladimir Putin’s Poland, a major critic, also claimed a supportive position. War in Ukraine.

Under Friday’s agreement, insurers and other companies required to ship oil can only deal with Russian crude if the price of the oil is below the cap. Most insurers are located in the EU and UK and may need to comply with limits.

Russian crude is already selling at about $60 a barrel, a sharp discount from the international benchmark Brent, which closed at $85.42 a barrel on Friday.

The Russian embassy in Washington argued that Russian oil “will continue to be in demand” and criticized price limits as “reshaping the basic principles of how the free market works”. The embassy’s Telegram post on his channel predicts that the per-barrel cap will lead to “widespread uncertainty and rising costs for consumers of raw materials.”

“What happens in China will help determine if the price ceilings will come to a halt,” said Jim Burkhardt, an oil market analyst at IHS Markit. He said slowing demand from China means most Russian crude oil exports are already below $60.

The price cap put economic pressure on Russia, killed countless civilians and combatants, forced millions of Ukrainians out of their homes, and funded a war that weighed on the global economy for more than nine months. It is intended to further reduce the ability to

The Chief of the General Staff of the Ukrainian Armed Forces reported that since Friday, Russian forces have launched five missiles, carried out 27 airstrikes and carried out 44 artillery strikes against Ukrainian military positions and civilian infrastructure.

Deputy head of the president’s office Kirilo Tymoshenko said one civilian was killed and four wounded in the attack in the Donetsk region of eastern Ukraine. According to the UK Ministry of Defence, Russian forces “continue to invest the bulk of their overall military and firepower” and have been attempting to capture them around the small city of Bakhmut in Donetsk for weeks.

In southern Ukraine’s Kherson Oblast, Governor Yaroslav Yanushkevich was stranded in Russian-held territory across the Dnieper River after the capital of the same name was liberated by Ukrainian forces three weeks ago following a Russian withdrawal. He said evacuation of civilians would be temporarily resumed.

russian army turned back to the east bank of the river last month. Janushkevich said the ban on crossing the waterway would be lifted during the day for three days for Ukrainian citizens who “didn’t have time to leave the temporarily occupied territory.” His statement noted that “hostilities could intensify in the region.”

Kherson is one of four regions that Putin illegally annexed in September and vowed to defend as Russian territory.From their new position, the Russian army Regular shelling of Kherson Recently, it has affected the infrastructure of cities and neighborhoods, leaving many residents without access to electricity. Running water remained unavailable in much of the city.

Other territories annexed in violation of international law are Donetsk, Luhansk and Zaporizhia.

Ukrainian officials also reported heavy fighting in Luhansk and Russian shelling of the Kharkov region in northeastern Ukraine, from which Russian forces had largely withdrawn in September.

During the Russian occupation of the rest of the region, the mayor of the Ukrainian-held city of Kharkiv said about 500 apartment buildings were damaged beyond repair and nearly 220 schools and kindergartens were damaged or destroyed. said. He estimated the cost of the damage at $9 billion.

Russian Defense Minister Sergei Shoigu met with Belarusian President and Defense Minister in Minsk on Saturday. Belarus has said its troops are not participating in the war, but Ukrainian officials have frequently expressed concern that they could be lured across the border into northern Ukraine.

Belarusian President Alexander Lukashenko said at the conference that his army and the Russian army are training in concert. “We are ready as one group, one army. Everyone knows it. We didn’t hide it.”

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Written by Natalia Chi

Chicago Popular; Chicago breaking news, weather and live video. Covering local politics, health, traffic and sports for Chicago, the suburbs and northwest Indiana.

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