Russian Deputy Prime Minister Novak

Russian Deputy Prime Minister Novak, who is in charge of energy work, said on the 21st that Russia will not supply oil and oil products to countries that impose price limits on Russian oil, and will re-adjust the direction of exports or reduce production.

According to a report by TASS news agency citing Novak, Russia will continue to consolidate its position as a “reliable energy supplier” in the world market, reorient its exports to market-oriented partners, or reduce oil production.

Novak warned that the imposition of price caps on energy and the “politicization of energy” will only lead to supply shortages, an “unprecedented intervention” in the principles of market operation, and will inevitably lead to a decline in investment in the industry as a whole.

G7 finance ministers reached an agreement in September to cap the price of Russian oil. According to the agreement, the Group of Seven will impose price limits on Russian crude oil from December 5, and price limits on Russian refined petroleum products from February 5 next year.

Russian President Vladimir Putin previously said that proposals by the Group of Seven to limit oil imports from Russia and set a price cap on Russian oil would only lead to a surge in oil prices like natural gas prices. Novak also said that Russia will not supply oil to foreign countries at a loss.

By Admin