The measure is eating into Kremlin fossil fuel export profits and exacerbating a ballooning budget deficit amid Russia's war in Ukraine.
"I have mixed feelings," he said from Kyiv."Obviously, we want this review to happen right away, but at the same time we want the proper results [...] a significant downward movement in terms of the price cap.""Some countries were saying that it should be at the level of around $50 per barrel, which is not acceptable for us," he added.
The Ukrainian side, Ustenko said, does not believe the U.S. is against cutting the price cap, but rather that it is delaying the decision to shore up consensus for a new price point. Dwindling fossil fuel incomes and higher military spending because of the war in Ukraine have created a stark Kremlin budget deficit, which in March rose to more than $34 billion.:"The economy is stable, and the unprecedented sanctions not only failed to undermine it, but also did not cause a significant drop.
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