We will not supply our petroleum products to countries that cap its price. – The Informant. 🇳🇱 #WeStandAsOne



We will not supply our petroleum products to countries that cap its price.

Published on 21.11.2022


Russian Deputy Prime Minister Alexander Novak said on Monday that “Russia does not plan to supply oil and oil products to countries that will apply the principle of a cap on the price of Russian oil”.

Commenting on the possibility of imposing a cap on the price of Russian oil, Novak told reporters that “Moscow will redirect supplies to existing partners in the market or reduce production.”

“Russia confirms its position as a reliable supplier of energy in the world market and the market situation for our relations with our partners,” Novak continued.

“In this regard, we do not envisage supplying petroleum and petroleum products to countries that will apply the principle of a price cap with subsequent redirection of supplies to market-oriented partners or with a reduction in production” , noted the Russian Deputy Prime Minister. .

Novak noted that the politicization of the energy sector can only “lead to a lack of resources in the market, and capping the price of Russian oil is such an act.”

He added : “We believe that the politicization of the energy sector can only lead to a shortage of resources and energy supply problems, and the price cap is precisely an unprecedented interference in the labor market principles of the market tanker”.

“Which will inevitably lead to a decrease in investment, a decrease in supply and a shortage in the supply of oil and any other exchange product to which this mechanism can be applied in the future,” he said. declared.

And Bloomberg reported a few days ago that the G7 countries intended to announce on Wednesday, November 23 the level that will be set for the maximum price of Russian oil. In particular, the United States plans to share its proposal before the next meeting of ambassadors to the EU.

If the proposal is supported, the agreed ceiling price can be announced the same evening. At the same time, interlocutors of the agency indicated that the timing of this announcement may change.

The finance ministers of the G7 countries (Britain, Germany, Italy, Canada, the United States, France and Japan) confirmed in September their intention to impose restrictions on Russian oil prices as part of the extension of sanctions.

At the beginning of October, the European Union presented the eighth package of sanctions against Russia, which includes a legislative basis for capping the price of maritime transport of Russian oil to third countries. The price cap is expected to be introduced on December 5, 2022 for petroleum and February 5, 2023 for petroleum products.

And Russian President Vladimir Putin confirmed last September that his country would halt gas and oil shipments if a price cap was set.



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