Zelensky criticizes the EU’s Russian oil price cap

Zelensky criticizes the EU's Russian oil price cap as a "weak position"

Ukrainian President Volodymyr Zelensky called the European Union’s Russian oil cap decision a “weak position” and still too “comfortable for the budget of a terrorist state” in his nightly address Saturday. 

The EU reached a consensus Friday on the price at which to cap Russian oil, just days before its ban on most imports comes into force. The bloc’s 27 member states agreed to set the cap at $60 a barrel.

The move is aimed at reducing inflows to Russian President Vladimir Putin’s war chest without adding to stress on the global economy by further reducing the supply of energy.

But Ukraine’s president said it didn’t go far enough, saying the situation had called for “big decisions.” 

“You wouldn’t call it a big decision to set such a limit for Russian prices, which is quite comfortable for the budget of a terrorist state,” Zelensky said. He added that Russia has already “caused huge losses to all countries of the world by deliberately destabilizing the energy market.” 

“The logic is obvious: If the price limit for Russian oil is $60 instead of, for example, $30 — which Poland and the Baltic countries talked about — then the Russian budget will receive about a hundred billion dollars a year,” Zelensky said.

The money will flow into the war effort and “to Russia’s further sponsoring of other terrorist regimes and organizations,” the president added.

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