Novak: Russia will not supply oil to countries introducing price ceilings
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Russia will not supply oil or oil products to countries that will introduce a price ceiling, Deputy Prime Minister Alexander Novak said.
“We do not plan to supply oil and oil products to countries that will apply the price ceiling principle with subsequent reorientation of supplies to market-oriented partners or with a reduction in production,” Novak emphasized (quote according to TASS).
Novak also warned that the introduction of price ceilings on energy resources, as well as the politicization of energy, can only lead to shortages 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.”
Bloomberg previously wrote that the G7 countries are planning to announce on November 23 at what level the price ceiling for Russian oil will be set. Representatives of the countries discussed setting the price ceiling for Russian oil between $40 and $60 per barrel, but the offer could be higher.
The EU price ceiling for crude oil will come into force on December 5, 2022, and for petroleum products on February 5, 2023. The European Commission noted that this measure was developed in “close coordination” with the G7 countries.
Speaking at the forumRussian Energy Week» On October 12, Russian President Vladimir Putin again stressed that energy supplies to those countries that approve the price ceiling would be cut off. Before that, he repeatedly said that the introduction of restrictions would lead to an increase in energy prices. During the Eastern Economic Forum (EEF), Putin said that the idea of imposing a price ceiling on energy resources is “nonsense and nonsense.”
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