Oleg Ustenko, economic advisor of Ukrainian President speaks during an interview with Reuters in Berlin, Germany, September 21, 2022. (REUTERS File Photo)
Oleg Ustenko, economic advisor to Ukrainian President Volodymyr Zelensky, called on the European Union to swiftly introduce a price cap for Russian oil transported by ship as a punitive measure.
"Seaborne oil is a significant source of revenue for Russia which is used to fund this war with Ukraine," Ustenko said in a call to journalists.
Doing nothing would mean prolonging the war which would be "just ridiculous" he said.
A price cap for Russian oil has already been agreed on by the finance ministers of the Group of Seven (G7) leading industrialized nations earlier this month.
The EU has already adopted a far-reaching oil embargo which is due to come into force on December 5.
Under the suggested oil cap, EU companies would no longer be allowed to transport or insure Russia oil shipments to third countries if the oil was bought above a certain price.
Russia still receives around €1 billion per day from selling its oil but spends around €950 million ($911 million) per day on its war on Ukraine, Ustenko claimed.
A price cap would reduce Russia's oil revenues by half, he said.
European Commission President Ursula von der Leyen is imminently expected to present proposals for new sanctions on Russia.
