Tug of War: Europe's Oil Sanctions on Russia

The European Commission's recent proposal to cut the price cap on Russian oil has drawn criticism. Kremlin spokesperson Dmitry Peskov slammed the decision, claiming it would destabilize global energy markets.

The Commission suggested lowering the Group of Seven nations' price cap from $60 to $45 in an effort to curb Russia's energy revenue.

Peskov labeled the Western sanctions as illegal, signaling ongoing tensions over the Ukraine situation.

(With inputs from agencies.)