Oil Reacts As Putin Previews Options For “Stupid” EU-G7 $60-A-Barrel Cap

President Vladimir Putin on Friday vowed that Russia and its economy will endure unscathed in the face of the West’s price cap on Russian oil exports.

In the fresh comments, he slammed the EU, G7, and Australia sponsored $60-a-barrel cap as “stupid” while again warning it would only backfire for the West, stressing that inevitably energy prices will “skyrocket”.