Russia will stop supplying oil and petroleum products to countries that impose a price ceiling on Russian oil, Deputy Prime Minister Alexander Novak told reporters.
The establishment of such a limit in order not to increase oil prices and limit Russia’s income is being discussed in the world with the instigation of the USA.
As for the price cap: “if they put it in place, we simply will not supply our oil and oil products to such companies or countries that will impose restrictions, because we will not work in non-market conditions,” Novak said.
In mid-July, such a possibility was allowed by the president of the Bank of Russia Elvira Nabiulina.
Novak also noted that he had not heard the view that India and China could join the embargo on purchases of Russian oil.
Commenting on Washington’s view that a price cap would reduce global oil prices, Novak stressed that introducing such a mechanism would “completely destroy the market”.
“In my opinion, this is completely absurd (including the introduction of a price cap). Interfering with the market mechanisms of such a critical industry as oil, which is vital for ensuring energy security around the world, such efforts will only lead to the destabilization of the oil industry, the oil market. The same consumers, Europeans, Americans, who are already paying high prices today, will pay for it from the beginning,” said Novak.
“We have not heard a single positive response from the oil producers participating in the market to this absurdity, which is being discussed by everyone,” said the deputy prime minister.
Commenting on the fact that EU sanctions on Russian oil purchases will come into effect in December, Novak said that Russian companies “know about December, they are preparing for it.”