Novak: Russia considers the introduction of any ceiling on oil unacceptable
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Russia will consider the introduction of an oil price ceiling an unacceptable step, regardless of its size, and will work only on market conditions, Russian Deputy Prime Minister Alexander Novak said on the sidelines of the IV Russian-Chinese Energy Business Forum in Moscow, transmits Interfax.
“We have a rather tough position, I have repeatedly spoken about this. No matter what the ceiling will be prices. Even if it is high, it is unacceptable in principle. We will still work on the market,” he said.
Now the EU countries are discussing the introduction of a price ceiling for Russian oil in the range of $65-70 per barrel. As reported earlier today by Reuters, the “absolutely uncompromising” position on this issue took Poland offering to lower the ceiling price to $30 per barrel. If the restrictions cannot be agreed by next Monday, the tougher measures agreed in May, which would include a ban on sea shipments of Russian crude oil from December 5 and oil products from February 5, will come into force.
In the Kremlin before called price cap discussions are “incomprehensible” and “inexplicable”. Press Secretary of the President of the Russian Federation Dmitry Peskov also recalled the words of Russian President Vladimir Putin, who had previously stated that Russia would not supply gas and oil to countries that would join the price ceiling. November 21 Novak also emphasizedthat Russia will not supply oil to countries that introduce price ceilings. According to him, the introduction of price ceilings for energy resources, as well as the politicization of the energy sector, can only lead to a shortage and problems with energy supply. He also called the price cap “an act of unprecedented intervention in the market principles of the functioning of the oil market.”
According to Bloomberg, in the Kremlin cook a presidential decree that will prohibit Russian traders from selling oil to countries and companies that have joined the energy price cap mechanism.
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