Live: Russia plans to encircle Bakhmut town in Donetsk, Britain says

Issued on: 03/12/2022 – 09:43

9:46am: Russia: price cap is ‘dangerous’ and will not curb demand for our oil

Russia said on Saturday it would continue to find buyers for its oil, despite what it said was a “dangerous” attempt by Western governments to introduce a price cap on its oil exports.

A coalition of Western countries led by the G7 group of nations agreed on Friday to cap the price of Russian seaborne oil at $60 a barrel, as they aim to limit Moscow’s revenues and curb its ability to finance its invasion of Ukraine. Russian President Vladimir Putin and high-ranking Kremlin officials have repeatedly said that they will not supply oil to countries that implement the price cap.

In comments published on Telegram, Russia’s embassy in the United States criticised what it said was the “reshaping” of free market principles and reiterated that its oil would continue to be in demand despite the measures. “Steps like these will inevitably result in increasing uncertainty and imposing higher costs for raw materials’ consumers,” it said.

“Regardless of the current flirtations with the dangerous and illegitimate instrument, we are confident that Russian oil will continue to be in demand”.

9:00am: ‘The situation is pretty bleak’ FRANCE24’s Rob Parsons reports from Mykolaiv

FRANCE24’s Rob Parsons reports from Mykolaiv on the dire situation after constant Russian shelling and almost complete absence of electricity following Russia’s attack on the Ukrainian infrastructure grid.

03:13

8:35am: Zelensky’s chief of staff: Price cap on Russian oil should be lowered to $30 a barrel

The price cap on Russian seaborne crude oil agreed to by the Group of Seven nations and Australia on Friday should be lowered to $30 per barrel to hit Russia’s economy harder, a senior Ukrainian presidential aide said on Saturday.

“This was everything that was proposed by the McFaul-Yermak group, but it would be necessary to lower it to $30 to destroy the enemy’s economy quicker,” Andriy Yermak, head of Ukraine’s presidential administration, wrote on Telegram referencing an international working group on sanctions. The G7 and Australia have agreed a $60 per barrel price cap.

8:02am: Russia likely planning to encircle Donetsk Oblast town of Bakhmut, Britain says

Russia is likely planning to encircle the Donetsk Oblast town of Bakhmut with tactical advances to the north and south, Britain’s defence ministry said on Saturday. The capture of the town would have limited operational value but it can potentially allow Russia to threaten Kramatorsk and Sloviansk, the ministry added in a daily intelligence update.

“There is a realistic possibility that Bakhmut’s capture has become primarily a symbolic, political objective for Russia,” the ministry said in the update posted on Twitter.

(FRANCE 24 with AFP, AP and Reuters)