<div style="text-align: justify; "><b><span style="font-size: 1rem;">Ukraine President Volodymyr Zelensky has criticised a price cap set by his Western allies on Russian oil exports, calling it "weak".</span><br></b></div><div style="text-align: justify; "><br></div><div style="text-align: justify; ">The cap, approved on Friday, is aimed at stopping countries paying more than $60 (£48) for a barrel of seaborne Russian crude oil.</div><div style="text-align: justify; "><br></div><div style="text-align: justify; ">Russia says it will not accept a cap on prices for its oil exports.</div><div style="text-align: justify; "><br></div><div style="text-align: justify; ">The measure - due to come into force on Monday - intensifies Western pressure on Russia over the invasion.</div><div style="text-align: justify; "><br></div><div style="text-align: justify; ">But Mr Zelensky called the price cap "a weak position" and not "serious" enough to damage to the Russian economy.</div><div style="text-align: justify; "><br></div><div style="text-align: justify; ">"Russia has already caused huge losses to all countries of the world by deliberately destabilising the energy market," he said in his nightly address.</div><div style="text-align: justify; "><br></div><div style="text-align: justify; ">It is "only a matter of time when stronger tools will have to be used", he added.</div><div style="text-align: justify; "><br></div><div style="text-align: justify; ">The price cap was put forward in September by the G7 group of industrialised nations (the US, Canada, the UK, France, Germany, Italy, Japan and the EU) in a bid to hit Moscow's ability to finance the war in Ukraine.</div><div style="text-align: justify; "><br></div><div style="text-align: justify; ">In a joint statement, the G7, the EU and Australia said the decision was taken to "prevent Russia from profiting from its war of aggression against Ukraine".</div><div style="text-align: justify; "><br></div><div style="text-align: justify; ">On Saturday, Kremlin spokesman Dmitry Peskov said that Moscow had prepared for the move but would "not accept" the cap.</div><div style="text-align: justify; "><br></div><div style="text-align: justify; ">Though the measures will most certainly be felt by Russia, the blow will be partially softened by its move to sell its oil to other markets such as India and China - which are currently the largest single buyers of Russian crude oil.</div><div style="text-align: justify; "><br></div><div style="text-align: justify; ">The agreement of a price cap comes just days before an EU-wide ban on Russian crude oil imported by sea comes into force, also on 5 December.</div><div style="text-align: justify; "><br></div><div style="text-align: justify; ">The price cap - which is meant to affect oil exports worldwide - is meant to complement that.</div><div style="text-align: justify; "><br></div><div style="text-align: justify; ">Countries which sign up to the G7-led policy will only be permitted to purchase oil and petroleum products transported via sea that are sold at or below the price cap.</div><div style="text-align: justify; "><br></div><div style="text-align: justify; ">Ukraine's Western allies also plan to deny insurance to tankers delivering Russian oil to countries that do not stick to the price cap. This will make it hard for Russia to sell oil above that price. BBC</div><div style="text-align: justify; "><br></div><div style="text-align: justify; ">bnbd24/kh</div><div style="text-align: justify; "><br></div>