Novak: Russia will not supply oil to countries that apply the price ceiling principle
MOSCOW, November 21 – RIA Novosti. Russian Deputy Prime Minister Alexander Novak said that the Russian Federation does not plan to supply oil and oil products to countries that will implement the price ceiling principle, divert supply to market-oriented partners or reduce production.
“Russia confirms its status as a reliable supplier of energy to the world market and the market state of our relations with our partners. In this regard, we do not plan to subsequently reorient the supply of oil and oil products to countries that will apply the price ceiling principle. Reducing supply or reducing production to market-oriented partners,” he said. commented on a possible price cap.
Last Friday, Bloomberg reported that the G7 countries are planning to announce on Wednesday, November 23, at what level the price cap will be set for Russian oil. The US plans to share its proposal privately ahead of the upcoming meeting of EU ambassadors. If the bid is approved, the agreed ceiling price can be announced on the same evening. At the same time, the agency’s interlocutors noted that the timing of this announcement may change.
In September, the finance ministers of the G7 countries (UK, Germany, Italy, Canada, USA, France and Japan) confirmed their intention to impose price restrictions on Russian oil as part of the expansion of sanctions. In early October, the European Union introduced the eighth package of sanctions against Russia, which includes a legal basis to set a price ceiling for the sea transport of Russian oil to third countries. It is planned to impose a price limit on December 5, 2022 for oil and February 5, 2023 for petroleum products.
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