Siluanov called the introduction of the oil price ceiling a non-market measure

The introduction of an oil price ceiling is a non-market measure that will have implications for the global market, said Russian Finance Minister Anton Siluanov.

“Now the government is forming response measures. We, as the President of the Russian Federation has stated, will not sign contracts that will mention price regulation and price ceilings. In the near future, the Russian Federation will respond to the decisions that were made regarding the ceiling, ”said Siluanov (quote according to RIA Novosti).

According to him, non-market measures warp the market – and this will affect either the prices of raw materials or the volume of its supply. At the same time, the minister noted that it is too early to talk about the impact of this measure on the country’s budget.

Last week, the EU countries agreed on a price ceiling for Russian oil of $60 per barrel. The document was published in the Official Journal of the EU on 4 December. The restriction came into force on December 5, along with a ban on the supply of Russian oil by sea to the EU countries. In addition to the EU countries, the G7 countries and Australia also joined the ceiling.

In the Kremlin notedthat the Russian authorities are considering different options for retaliatory measures. The decision will be announced when it is made, said the press secretary of the President of the Russian Federation Dmitry Peskov. Vedomosti, citing sources close to the Cabinet, reported about discussing three scenarios to respond to the cap on Russian oil prices.

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