EU reassures that it wants to avoid market shocks after oil price cap
BRUSSELS, 3 December – RIA Novosti. A senior European source told reporters in Brussels that the European Union’s cap on Russian oil was designed to deprive Russia of its revenues and at the same time avoid serious shocks to the world market.
The G7 countries, the EU and Australia are setting an upper limit on the price of Russian seaborne crude oil at US$60 per barrel, effective Monday, December 5th. The price ceiling comes in line with the start of the EU embargo on the purchase of Russian crude oil transported by tankers on Monday.
Commenting on the West’s idea of limiting the prices of Russian energy resources, the President of the Russian Federation stated that Russia will not supply anything abroad if it is against its own interests. Deputy Prime Minister Alexander Novak also pointed out that the Russian Federation will not supply oil to countries that set a ceiling price of $60 per barrel or any other cost. He added that such restrictions are an intervention in market instruments, and that Russia is ready to work with consumers who are ready to work in market conditions.
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