Russian Oil Prices to Change After Introduction of Cap by West - Kremlin

By Staff, Agencies

The cost of Russian oil after the introduction of a price cap by the West will change, this was a step towards destabilizing global energy markets, Kremlin spokesman Dmitry Peskov said on Monday.

"[The price] will change. One thing is clear and undeniable: the adoption of these decisions is a step towards destabilizing global energy markets," Peskov told reporters when asked if Europeans and the world should prepare for higher prices, as the US convinces allies that nothing will change.

Last week, the European Union reached an agreement on setting a price cap on Russian oil at $60 per barrel, which went into effect on Monday.

The cap will be reviewed every two months to remain at 5% below International Energy Agency benchmark.

The G7 nations and Australia also agreed that same day to set a $60 price ceiling on oil from Russia.