Russia: Price Cap is 'Dangerous' and Will Not Curb Demand for Our Oil

Russian officials have repeatedly said that they will not supply oil to countries that implement the price cap. Reuters
Russian officials have repeatedly said that they will not supply oil to countries that implement the price cap. Reuters
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Russia: Price Cap is 'Dangerous' and Will Not Curb Demand for Our Oil

Russian officials have repeatedly said that they will not supply oil to countries that implement the price cap. Reuters
Russian officials have repeatedly said that they will not supply oil to countries that implement the price cap. Reuters

Russia said on Saturday it would continue to find buyers for its oil, despite what it said was a "dangerous" attempt by Western governments to introduce a price cap on its oil exports.

A coalition of Western countries led by the G7 group of nations agreed on Friday to cap the price of Russian seaborne oil at $60 a barrel, as they aim to limit Moscow's revenues and curb its ability to finance its invasion of Ukraine.

Russian President Vladimir Putin and high-ranking Kremlin officials have repeatedly said that they will not supply oil to countries that implement the price cap.

In comments published on Telegram, Russia's embassy in the United States criticized what it said was the "reshaping" of free market principles and reiterated that its oil would continue to be in demand despite the measures.

"Steps like these will inevitably result in increasing uncertainty and imposing higher costs for raw materials' consumers," Reuters quoted it as saying.

"Regardless of the current flirtations with the dangerous and illegitimate instrument, we are confident that Russian oil will continue to be in demand."

The G7 price cap will allow non-EU countries to continue importing seaborne Russian crude oil, but it will prohibit shipping, insurance and re-insurance companies from handling cargoes of Russian crude around the globe, unless it is sold for less than the price cap.



Vatican Cancels Pope’s Weekend Engagements as He Battles ‘Complex’ Infection 

Pedestrians walk past the statue of Pope John Paul II outside the Gemelli hospital where Pope Francis is hospitalized for tests and treatment for an infection in Rome, on February 18, 2025. (AFP)
Pedestrians walk past the statue of Pope John Paul II outside the Gemelli hospital where Pope Francis is hospitalized for tests and treatment for an infection in Rome, on February 18, 2025. (AFP)
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Vatican Cancels Pope’s Weekend Engagements as He Battles ‘Complex’ Infection 

Pedestrians walk past the statue of Pope John Paul II outside the Gemelli hospital where Pope Francis is hospitalized for tests and treatment for an infection in Rome, on February 18, 2025. (AFP)
Pedestrians walk past the statue of Pope John Paul II outside the Gemelli hospital where Pope Francis is hospitalized for tests and treatment for an infection in Rome, on February 18, 2025. (AFP)

Pope Francis, who began his fifth day in hospital on Tuesday for what doctors have described as a "complex" respiratory infection, will not take part in this weekend's Holy Year events, the Vatican said on Tuesday.

The 88-year-old pontiff has been suffering from a respiratory infection for more than a week and was admitted to Rome's Gemelli hospital on Friday.

A planned public papal audience set for Saturday had been cancelled "due to the health condition of the Holy Father", the Vatican said in a brief statement.

A papal mass scheduled for Sunday will still take place, but will be led instead by a senior Vatican official, it added.

The Vatican said on Monday that doctors had changed the pope's drug therapy for the second time during his hospital stay to tackle a "complex clinical situation". They described it as a "polymicrobial infection of the respiratory tract".

Doctors say polymicrobial diseases can be caused by a mix of viruses, bacteria and fungi.

Francis, who has been pontiff since 2013, has had influenza and other health problems several times over the past two years. As a young adult he developed pleurisy and had part of one lung removed, and in recent times has been prone to lung infections.