Russia rejects US$60-a-barrel cap on its oil, warns of cutoffs
Russia rejects US$60-a-barrel cap on its oil, warns of cutoffs
KYIV, Ukraine -
Russian authorities rejected a price cap on the country's oil set by Ukraine's Western supporters and threatened Saturday to stop supplying the nations that endorsed it.
Australia, Britain, Canada, Japan, the United States and the 27-nation European Union agreed Friday to cap what they would pay for Russian oil at US$60-per-barrel. The limit is set to take effect Monday, along with an EU embargo on Russian oil shipped by sea.
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."
The office of Ukrainian President Volodymyr Zelenskyy, meanwhile, called Saturday for a lower price cap, saying the one adopted by the EU and the Group of Seven leading economies didn't go far enough.
"It would be necessary to lower it to US$30 in order to destroy the enemy's economy faster," Andriy Yermak, the head of Zelenskyy's office, wrote on Telegram, staking out a position also favored by Poland -- a leading critic of Russian President Vladimir Putin's war in Ukraine.
Under Friday's agreements, insurance companies and other firms needed to ship oil would only be able to deal with Russian crude if the oil is priced at or below the cap. Most insurers are located in the EU and the United Kingdom and could be required to observe the ceiling.
Russia's crude has already been selling for around US$60 a barrel, a deep discount from international benchmark Brent, which closed Friday at US$85.42 per barrel.
The Russian Embassy in Washington insisted that Russian oil "will continue to be in demand" and criticized the price limit as "reshaping the basic principles of the functioning of free markets." A post on the embassy's Telegram channel predicted the per-barrel cap would lead to "a widespread increase in uncertainty and higher costs for consumers of raw materials."
"What happens in China will help shape whether the price cap has any teeth," said Jim Burkhard, an oil markets analyst with IHS Markit. He said dampened demand from China means most Russian crude exports are already selling below US$60.
The price cap aims to put an economic squeeze on Russia and further crimp its ability to finance a war that has killed an untold number of civilians and fighters, driven millions of Ukrainians from their homes and weighed on the world economy for more than nine months.
The General Staff of the Ukrainian Armed Forces reported that since Friday Russia's forces had fired five missiles, carried out 27 airstrikes and launched 44 shelling attacks against Ukraine's military positions and civilian infrastructure.
Kyrylo Tymoshenko, the deputy head of the president's office, said the attacks killed one civilian and wounded four others in eastern Ukraine's Donetsk region. According to the U.K. Defense Ministry, Russian forces "continue to invest a large element of their overall military effort and firepower" around the small Donestsk city of Bakhmut, which they have spent weeks trying to capture.
In southern Ukraine's Kherson province, whose capital city of the same name was liberated by Ukrainian forces three weeks ago following a Russian retreat, Gov. Yaroslav Yanushkevich said evacuations of civilians stuck in Russian-held territory across the Dnieper River would resume temporarily.
Russian forces pulled back to the river's eastern bank last month. Yanushkevich said a ban on crossing the waterway would be lifted during daylight hours for three days for Ukrainian citizens who "did not have time to leave the temporarily occupied territory." His announcement cited a "possible intensification of hostilities in this area."
Kherson is one of four regions that Putin illegally annexed in September and vowed to defend as Russian territory. From their new positions, Russian troops have regularly shelled Kherson city and nearby infrastructure in recent days, leaving many residents without power. Running water remained unavailable in much of the city -- and one resident was seen scooping up water from a dirty puddle.
The city continued to suffer heavy shelling Saturday that left many residents disoriented, toppled power lines and dumped torn-off tree branches on the roads.
"When we start to repair (electricity networks), the shelling starts immediately," said Oleksandr Kravchenko, who is in charge of high-voltage networks in Kherson. "We just repair electric lines and on the next day we have to repair lines again."
Ukrainian authorities also reported intense fighting in Luhansk and Russian shelling of northeastern Ukraine's Kharkiv region, which Russia's soldiers mostly withdrew from in September.
The mayor of the city of Kharkiv, which remained under Ukrainian control during Russia's occupation of other parts of the region, said some 500 apartment buildings were damaged beyond repair, and nearly 220 schools and kindergartens were damaged or destroyed. He estimated the cost of the damage at US$9 billion.
Russian Defense Minister Sergei Shoigu met Saturday in Minsk with the president and defense minister of Belarus, which hosts Russian troops and artillery. Belarus has said its own forces are not taking part in the war, but Ukrainian officials have frequently expressed concern that they could be be induced to cross the border into northern Ukraine.
Belarusian President Alexander Lukashenko said at the meeting that his troops and Russian forces train in coordination. "We ready ourselves as one grouping, one army. Everyone knows it. We were not hiding it," he was quoted as saying by the news agency Interfax.
------
Inna Varenytsia in Kherson, Ukraine, and Frank Bajak in Boston contributed to this report.
A gay man is taking the federal government to court, challenging the constitutionality of a policy restricting sexually active gay and bisexual men from donating to sperm banks in Canada, CTV News has learned.
A Quebec woman said she was very surprised to find her stolen Audi had been used in what’s being described as an “absolutely insane” Ontario mall robbery.
A suicide bomber who killed 101 people at a mosque in northwest Pakistan this week had disguised himself in a police uniform and did not raise suspicion among guards, the provincial police chief said on Thursday.
Top European Union officials arrived in Kyiv on Thursday for talks with Ukrainian officials as rescue crews dug through the rubble of an apartment building in eastern Ukraine struck by a Russian missile, killing at least three people and wounding about 20 others.
A team of preteen Ukrainian refugees that have been scattered across Europe by war arrived Wednesday in Quebec City, where they'll get the chance to compete in a renowned hockey tournament.
Nearly a year since Russia's invasion of Ukraine, community organizers say there is still work to be done to help the thousands of Ukrainian refugees looking to start a new life in Canada while coping with the hardships they've faced coming here.
A Quebec woman said she was very surprised to find her stolen Audi had been used in what’s being described as an “absolutely insane” Ontario mall robbery.
On CTVNews.ca and YouTube: Health journalist Avis Favaro joins our Trend Line podcast, for an in-depth episode dedicated to the growing crises facing the Canadian health-care system.
Nearly a year since Russia's invasion of Ukraine, community organizers say there is still work to be done to help the thousands of Ukrainian refugees looking to start a new life in Canada while coping with the hardships they've faced coming here.
A suicide bomber who killed 101 people at a mosque in northwest Pakistan this week had disguised himself in a police uniform and did not raise suspicion among guards, the provincial police chief said on Thursday.
Top European Union officials arrived in Kyiv on Thursday for talks with Ukrainian officials as rescue crews dug through the rubble of an apartment building in eastern Ukraine struck by a Russian missile, killing at least three people and wounding about 20 others.
Israeli aircraft carried out several raids at a militant site in the Gaza Strip early Thursday, the Israeli military said, hours after Palestinian militants fired a rocket into Israel's south, raising already heightened tensions under the country's new ultranationalist government.
North Korea on Thursday threatened the 'toughest reaction' to the United States' expanding joint military exercises with South Korea to counter the North's growing nuclear weapons ambitions, claiming that the allies were pushing tensions to an 'extreme red line.'
The Biden administration released a long-awaited study Wednesday that recommends allowing a major oil development on Alaska's North Slope that supporters say could boost U.S. energy security but that climate activists decry as a 'carbon bomb.'
A gay man is taking the federal government to court, challenging the constitutionality of a policy restricting sexually active gay and bisexual men from donating to sperm banks in Canada, CTV News has learned.
Dominic Barton, the former global managing director of McKinsey & Company, says he had no involvement in federal contracts awarded to the firm in recent years.
On CTVNews.ca and YouTube: Health journalist Avis Favaro joins our Trend Line podcast, for an in-depth episode dedicated to the growing crises facing the Canadian health-care system.
Lawmakers in Finland approved amendments Wednesday that will make it substantially easier for people to change their legally recognized gender in the Nordic country.
New guidelines on long-term care services by the Health Standards Organization say residents should receive at least four hours of direct care each day. If you or a loved one are living in long-term care, we want to hear from you.
After a tiny radioactive capsule went missing in the Australian outback, an expert in Canada says the likelihood of the same happening in this country is unlikely, given our strong regulations governing the handling of radioactive materials.
An archeological team from Saint Mary's University will travel to France this summer to use ground-penetrating radar and other technology to assist a United States defence agency recover and identify military personnel missing since the Second World War.
Scientists in Japan may have unlocked the key to recreating how plants perform photosynthesis, according to a new study, potentially paving the way for new ways to harvest solar energy.
Missy Elliott, Willie Nelson, Kate Bush, Iron Maiden, Cyndi Lauper, Soundgarden, Sheryl Crow and the late George Michael are the 2023 nominees for induction into the Rock & Roll Hall of Fame, reflecting a mix of country, soul, hip-hop, metal, pop, rap-rock and grunge.
Beyonce is taking her "Renaissance" global -- the superstar will start a world tour in Sweden in May with stops throughout Europe and the United States.
Hindenburg Research, the financial research firm with an explosive name and a track record of sending the stock prices of its targets tumbling, is taking on one of the world's richest men. Hindenburg is back in the headlines after last week accusing Indian conglomerate Adani Group of 'a brazen stock manipulation and accounting fraud scheme.'
A report from an investor-focused advocacy group raises questions about how well some of Canada's biggest investors are meeting their climate commitments. The report from Investors for Paris Compliance (IPC) looks at the voting records on shareholder proposals by 19 Canadian members of Climate Action 100+, a global coalition with around 700 members representing over $68 trillion in assets under management.
As Black History Month gets underway, Canada Post has unveiled a new stamp honouring Chloe Cooley, a young Black woman who was known to challenge her enslavement in the late 18th century.
A team of preteen Ukrainian refugees that have been scattered across Europe by war arrived Wednesday in Quebec City, where they'll get the chance to compete in a renowned hockey tournament.
John Herdman is staying put. After a morning of speculation fuelled by a New Zealand report that the Canada men's soccer coach had agreed to take over the 105th-ranked All Whites, Herdman and Canada Soccer put out the fire with a statement Wednesday.
Brittney Griner's return to the WNBA this summer after being traded in a dramatic prisoner swap in December with Russia has collided with free agency, creating potential travel complications for the league out of safety concerns for her.
A good winter tire will always outperform an all-season tire in snowy, icy driving conditions and be the safer alternative. Edmunds' experts explain the importance of winter tires and offer advice on when to use them and how much you should pay.
The U.S. Justice Department has requested documents from Tesla related to its Autopilot and 'Full Self-Driving' features, according to a regulatory filing.
Europe is taking another big step toward cutting its energy ties with Russia, banning imports of diesel fuel and other products made from crude oil in Russian refineries. The European Union ban takes effect Feb. 5 following its embargo on coal and most oil from Russia.
