$30 oil price cap could compel Russia to stop, Zelenskyy says
Moscow would be unable to finance its war against Ukraine or launch an attack on NATO if the West lowers the price cap on Russian oil from $60 to $30 per barrel, Ukrainian President Volodymyr Zelenskyy said on June 24.
Addressing the Dutch parliament, Zelenskyy reiterated the need for ever stricter diplomatic and economic isolation of Russia.
“That means political isolation, sanctions of every kind, and cutting off any cooperation that helps them survive and continue the war…,” said the president.
“But what really hurts them and limits their ability to wage war is a cap of $30 per barrel [of oil]. The world must arrive at this level [of price restrictions].”
He urged the EU to adopt its proposed 18th sanctions package, early drafts of which included a $45 oil price cap.
“We need the 18th package; we need real, painful sanctions against Russian oil,” Zelenskyy said.
Zelenskyy believes these measures will not only stop Russia’s war against Ukraine but also prevent any future military operations Russia might launch against Europe and the West more broadly.
“Military plans must become fatally expensive for Russia,” he continued.
“We need to block their tanker fleet and cut them off from the international banking system. That is what works.”
His speech also called for sustained Western military aid as Russia continues to press along multiple directions in eastern Ukraine.
“Russia must see that Ukraine is not alone and that Europe will not back down,” Zelenskyy said.
“Russia is stronger than any one of us individually, but it is weaker than all of us together.”
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