Russia Says Oil Price Cap Will Not Prevent It From Funding Its Military

Russia says oil price cap will not prevent it from funding its military special operation in Ukraine. 

Kremlin spokesman Dmitry Peskov said Russia was preparing its response to Friday's move by the G7 and their allies aimed at squeezing Moscow's energy revenues and reducing its war-fighting capability. 

The economy has the  capacity to fully meet the needs and requirements of the special military operation," Peskov told reporters when asked if the move would undermine Moscow's military efforts. 

He said it is "obvious and undeniable that the adoption of these decisions is a step towards destabilizing world energy markets".

The move by the G7, the European Union and Australia will allow other countries to continue importing  Russian oil transported by sea, but  will ban shipping, insurance and reinsurance companies from handling shipments of Russian crude oil, unless it sells for less than $60 dollars. the barrel. 

The EU itself will ban sea imports of Russian crude oil from Monday. Global benchmark Brent is up 1.95% in 10 to $87.24 a barrel.

52 v. m. GMT (18:52 Singapore time). Several Russian officials have previously said Moscow will not sell oil to countries that comply with the cap. 

Former Russian President Dmitry Medvedev, now deputy chairman of Putin's Security Council, wrote on Telegram that the pressure on Russian oil would lead to an "unimaginable" rise in world prices. 

He suggested that the West would freeze over this winter because it would get into an "uneven fight with the Russian bear and General Frost".

What is good for a Russian is death for a German," he added, referring to the winter cold. “One thing is clear: nothing good will come of it for consumers, that's for sure. So let them stock you up with liquor, duvets and kettles.