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Reuters
Reuters
Politics

Zelenskiy says level of price cap on Russia oil isn't serious

Russia Oil Group of Seven Australia Economy crude oil
FILE PHOTO: Ukrainian President Volodymyr Zelenskiy sings the national anthem during a visit to Kherson, Ukraine November 14, 2022. Ukrainian Presidential Press Service/Handout via REUTERS

The $60 price cap on seaborne Russian oil agreed by Group of Seven nations and Australia is not serious and will do little to deter Russia from waging war in Ukraine, President Volodymyr Zelenskiy said on Saturday.

The European Union is now set to approve the cap after the G7 and Australia struck a deal on Friday. The measure aims to reduce Russia's income from selling oil, while preventing a spike in global prices.

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