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Zelenskiy says the price cap level for Russian oil is not serious

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KIEV (RockedBuzz via Reuters) – The $60 cap on Russian seaborne oil agreed by the Group of Seven nations and Australia is not serious and will do little to dissuade Russia from waging a war in Ukraine, it said on Saturday, President Volodymyr Zelenskiy.

The European Union is now ready to approve the limit after the G7 and Australia reached an agreement on Friday. The measure aims to reduce Russia’s revenue from oil sales while preventing a rise in global prices.

“You wouldn’t call it a serious decision to set such a cap on Russian prices, which is quite comfortable for the budget of a terrorist state,” Zelenskiy said in a video address.

“It’s only a matter of time before more powerful tools have to be used anyway. It’s a shame this time is wasted.”

Andriy Yermak, head of Zelenskiy’s administration, previously said the limit should be set at $30 “to destroy the enemy’s economy faster.”

Zelenskiy complained that the world has shown weakness by setting the ceiling at $60, which he says would boost Russia’s budget by $100 billion a year.

“This money will go … towards further destabilization of precisely those countries that are now trying to avoid serious decisions,” he said.

(Reporting by Dan Peleschuk and David Ljunggren; Editing by Kirsten Donovan and Daniel Wallis)