Russian authorities will create a mechanism to ban the use of the oil price ceiling
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Deputy Prime Minister of Russia Alexander Novak said that the government is currently working on a mechanism to ban the use of a price ceiling for Russian oil, which the EU and G7 countries recently agreed on. According to the official, the Russian authorities are ready to reduce oil production in the event that European importers begin to apply a price cap.
“We believe that this instrument is non-market, ineffective, grossly interfering with market instruments, and contrary to all rules, the same WTO, for example. In our practice, we are not going to use tools related to price cap (price ceiling.— “b”). To do this, we are now working on mechanisms to prohibit the use of the price cap tool, regardless of what level will be set,” Mr. Novak said on the air of the TV channel “Russia 24”.
December 2 EU countries approved introduction of a price ceiling for Russian oil at $60 per barrel. The decision of the European countries was criticized by Russian officials as contrary to market principles, and the press secretary of the Russian President Dmitry Peskov said that in the Kremlin refuse accept the energy constraint.
Read more about the price ceiling in the material “He’s not low, not high”.
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