Russian Deputy Prime Minister Alexander Novak warned, on Monday, that his country will not supply oil and oil derivatives to countries that will depend on a ceiling on the price of Russian oil.
Today, Novak told reporters, “Russia confirms its status as a reliable energy supplier in the international market and the nature of market relations with partners. Therefore, we do not plan to supply oil and oil derivatives to countries that will adopt the principle of a price ceiling.”
He pointed out that Russia will “change the aspects of supplies to partners adhering to the principles of the market or reduce production,” according to Russia Today channel.
He added, “We believe that the politicization of energy will only lead to a shortage of its resources and problems with supply. The price ceiling is considered an unprecedented interference in the principles by which the oil market operates, which will lead to lower investments and a decrease in the supply of oil and other commodities affected by such a mechanism in the future.”
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It is noteworthy that the G7 countries agreed to set a ceiling for Russian oil prices “urgently”, calling for a “broad coalition” of countries to join this measure, in light of the Russian attack on Ukraine.
