ALMA-ATA, February 3 – RIA Novosti. There is no reason to believe that Russia will drastically reduce its oil refinery or production of oil products in connection with the start of the EU embargo, Russian Energy Minister Nikolai Shulginov told reporters.

“There is no reason yet to believe that we will drastically reduce the processing or production of petroleum products,” Shulginov said.

He also said that rescheduling of refinery repair programs is not being considered due to the embargo. “Everything about the repair, everything was planned in advance, the supply of spare parts is the same,” the minister said.

Western oil sanctions came into effect on December 5: The European Union stopped accepting Russian oil transported by sea. In addition, the G7 countries, Australia and the EU imposed an upper cap on the price of this type of oil of $60 per barrel while allowing the marginal cost to be adjusted as needed. Similar measures for petroleum products will come into effect on February 5.

In response, the Russian Federation banned the supply of Russian oil and petroleum products if the contract directly or indirectly stipulates a ceiling price. At the same time, the Presidential decree allows for the issuance of special permits. Oil exports from the ceiling have been banned since February 1. The date for petroleum products will be determined by the government.