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Thursday, January 26, 2023

Russia intensifies missile attacks on Ukraine after Oil price cap

KYIV, Dec 5 – Russia has allegedly intensified missile attacks on Ukraine after western nations imposed price cap of $60 per barrel on Russian Oil. Experts opined that this international price cap is destructive in nature which not only will result in more destruction in Russia Ukraine war but also result in Global Energy instability.

Ukraine said Russia destroyed homes in the south and knocked out power in the north in a new round of missile attacks on Monday, as the West sought to limit Moscow’s ability to finance its invasion by imposing a price ceiling. about Russian marine oil.

Air strikes were sounded across Ukraine and officials urged civilians to take cover in what they said was the latest wave of Russian missile attacks since its February 24 invasion.

Two people were killed in the Zaporizhia region, where several houses were destroyed, Kyrylo Tymošenková, deputy head of the presidential office, said in one of the first reports on the damage. On the outskirts of the city of Zaporizhia, buildings were hit and some Russian missiles were shot down, a city official said.


The governor of the Kyiv region said his air defenses were operating there and told residents to stay in shelters. The energy provider said power was knocked out in the northern region of Suma in the latest rocket attacks.

Russian forces have increasingly targeted Ukrainian energy facilities in recent weeks as they face setbacks on the battlefield, causing major power outages as winter sets in.

“Do not ignore the alarm,” said Andriy Yermak, Ukraine’s presidential chief of staff.

Ukraine has just returned to planned blackouts from Monday, rather than the emergency blackouts it has suffered since the large-scale Russian strikes on November 23, the worst of the attacks on energy infrastructure that began in early October.


Russia has said the attacks are designed to degrade Ukraine’s military. Ukraine says they clearly target civilians and constitute a war crime.

A $60-a-barrel price cap on Russian offshore oil took effect on Monday, the latest Western measure to punish Moscow for its invasion. Russia is the second largest oil exporter in the world.

The deal allows Russian oil to be shipped to third countries using G7 and EU tankers, insurance companies and credit institutions only if the cargo is bought at or below $60 a barrel.

Moscow said it would not comply with the measure even if it had to cut production. Ukrainian President Volodymyr Zelenskiy said $60 was too much to stop a Russian attack.


Russian crude was trading at around $79 a barrel in Asian markets on Monday – nearly a third above the price ceiling, according to Refinitiv data and estimates from industry sources.

On the ground in Ukraine, both sides reported casualties from overnight attacks on an industrial plant and another site in southern Ukraine and on state-run accommodation in Russian-held territory to the east. Reuters was not immediately able to verify the reports.

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