Novak: Russia will ban oil supplies to countries that supported the price ceiling
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The forthcoming decree of the President of Russia on retaliatory measures to the imposition of a ceiling on prices for Russian oil by the EU involves a ban on supplies to countries that will require compliance with this condition. Deputy Prime Minister Alexander Novak spoke about this on the air of the Russia 24 TV channel.
“As part of this decree, there is a ban on the supply of oil and oil products to those countries and those legal entities that will demand compliance in contracts with the price ceiling introduced by the European Union,” leads his words to RIA Novosti.
Novak also warned that because of this, oil production at the beginning of next year could decrease by 500,000 – 700,000 barrels per day, i.e. by 5-7%.
Yesterday, December 22, Russian President Vladimir Putin informedthat the decree on the response to the ceiling on oil prices will be signed on December 26 or 27. At a press conference, Putin said that Russia has nothing to lose from the imposed ceiling on oil prices. According to him, with this decision, the “geopolitical opponents and opponents” of the country are trying to limit the revenues of the Russian budget. “There are no losses for the Russian fuel and energy complex, and for the economy and the budget,” Putin assured.
The price ceiling for Russian oil agreed by the European Union at $60 per barrel came into force on December 5, along with a ban on Russian oil supplies by sea to the EU countries. In addition to the EU countries, the G7 countries and Australia also joined the ceiling.
December 19 EU also agreed and a gas price limit of 180 euros per 1 MWh, which corresponds to $1,975 per 1,000 cubic meters. The ceiling will take effect from February 15, 2023. The ceiling will be activated if the gas price at the TTF gas hub in the Netherlands (the most liquid gas hub in the EU) exceeds the agreed level, and the spread to the price of liquefied natural gas (LNG) in the EU will be more than 35 euros per 1 MWh.
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