Kremlin Says It Won't Accept A $60 Price Cap On Its Oil. Is Preparing A Response

RT: Russia won’t accept oil price cap – Kremlin  

The EU and G7 have agreed to a $60 per-barrel ceiling for the purchase of Russian crude  

Moscow is not planning to recognize a Western-imposed price cap on Russian seaborne oil exports, Kremlin spokesman Dmitry Peskov said on Saturday, adding that the government is currently carrying out a review of the situation. 

“Now we are analyzing,” Peskov told journalists. “Some preparation was carried out for such a ceiling. We will not accept this ceiling, and we will provide further information on how the work will be organized after the review.”  

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WNU Editor: Ukraine President Zelensky wanted a lower cap .... Ukraine war: Zelensky calls West's Russian oil cap 'weak' (BBC). 

As to what is my take. 

Russia will sell it's oil to other buyers. As for the rest of us. This move will dislocate markets and will probably result in a spike in oil prices. What may save us from a prolonged price increase is a recession. All the signs are there for a major global recession in 2023, and that will definitely bring down the price of oil. 

Kremlin Says It Won't Accept A $60 Price Cap On Its Oil  

Moscow will not accept price cap on Russian oil — Kremlin spokesman -- TASS  

Russia rejects $60-a-barrel cap on its oil, warns of cutoffs -- AP  

Russia will ‘not accept’ price cap on oil exports, Kremlin warns -- France 24  

Russia says it won't accept oil price cap and is preparing response -- Reuters  

Kremlin rejects EU's $60 price cap on Russian oil -- UPI  

Russia Won't Accept $60 Price Cap on Its Oil, Kremlin Says -- Bloomberg  

Russia rejects $60 oil price cap, warns of response -- Al Jazeera  

Europe to live without Russian oil, says Russian envoy -- TASS