Russia is threatening to stop supplying Western allies of Ukraine with oil after rejecting a proposed price cap of $60 per barrel.

Iran PressEurope: On December 2nd the G7, European Union and Australia agreed to impose a $60-a-barrel cap on shipments of Russian oil.

Russian authorities rejected a price cap on the country’s oil set by Ukraine’s Western supporters and threatened to stop supplying the nations that endorsed it.

On Saturday, the G7 and Australia joined the EU in adopting a $60 (£48) per-barrel price cap on Russian oil, in a bid to ramp up Western financial sanctions.

Kremlin spokesman Dmitry Peskov said Russia needed to analyze the situation before deciding on a specific response but that it would not accept the price ceiling. Russia’s permanent representative to international organizations in Vienna, Mikhail Ulyanov, warned that the cap’s European backers would come to rue their decision.

“From this year, Europe will live without Russian oil,” Ulyanov tweeted. “Moscow has already made it clear that it will not supply oil to those countries that support anti-market price caps. Wait, very soon the EU will accuse Russia of using oil as a weapon.” 219

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