Novak: Russia will not supply oil to countries that have introduced a price ceiling, regardless of its level

During the forum of the Russian Energy Week, Russian Deputy Prime Minister Alexander Novak said that Russia would not supply oil to countries that had introduced a ceiling on prices for Russian fuel. According to him, this decision does not depend on the price level set by such countries. Former Treasury Secretary Janet Yellen suggested to set the maximum price for oil from Russia at around $60 per barrel.

“Russia will not supply oil to countries that have introduced a price ceiling, regardless of its level,” said the Deputy Prime Minister (quoted by TASS). Mr Novak also addedthat he does not know where the EU will take fuel to replace the Russian one.

The Deputy Prime Minister stressed that oil supplies via pipelines to Europe will continue for interested consumers. He recalled that the embargo does not currently apply to pipeline transport. According to Mr. Novak, India and Pakistan are interested in increasing the supply of energy resources.

Russia remains the largest supplier of oil to Europe, however, the share of its supplies decreased to 21%, while a year ago it reached an average of 34%. In early October, the EU approved the eighth package of sanctions, which includes, in particular, the introduction of a ceiling on oil prices.

Read more about the EU oil sanctions – in the material “Kommersant” “There is no ship for oil”.

Erdni Kagaltynov