Kremlin warns West of retaliation over G7 oil price cap

The Kremlin warned the West on Monday that it would retaliate over a G7 proposal to impose a cap on the price of Russian oil.
“There can only be retaliatory measures,” Kremlin spokesman Dmitry Peskov told reporters.
Group of Seven finance ministers agreed the cap on Friday in a bid to pressure Russia over its actions in Ukraine, but Moscow has vowed to halt sales to countries imposing it.
Peskov said last week that Russia was studying how a price ceiling on its oil exports would affect its economy and warned the move would destabilise the global oil market.
A senior economic adviser to Ukrainian President Volodymyr Zelenskiy welcomed the development and told Reuters the cap was needed to curb Moscow’s revenues.