Russia will not supply oil to countries that impose price ceiling

Deputy Prime Minister Alexander Novak has told reporters that Russia will not export oil and petroleum products to countries that will join the introduction of a price ceiling.

“As for the price cap: if they introduce a price cap, we simply for such companies or countries that will introduce restrictions, we will not supply them with oil and oil products, because we will not work on non-market conditions,” Novak said (quoted by TASS).

Proposals of this kind he called “complete absurdity” and “interference in market mechanisms”. Any attempts to limit the prices of Russian oil will only “lead to the destabilization of the oil industry, the oil market,” Novak said. First and foremost, consumers in Europe and the US, for whom energy resources have already become significantly more expensive, will have to pay for it. “This will completely disrupt the market,” he concluded.

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