Novak: Russia will ban oil supplies to countries that will require compliance with the price ceiling
Russia, in response to the price ceiling, intends to ban the supply of oil and petroleum products to countries that will require compliance with it in contracts, said Russian Deputy Prime Minister Alexander Novak, RIA Novosti writes.
The politician said that the Russian side is ready to reduce production due to retaliatory measures, at the beginning of 2023 a reduction of five to seven percent is possible.
Earlier, Russian President Vladimir Putin announced the deadline for signing a law that would introduce retaliatory measures to the introduction of a price ceiling for Russian oil. According to him, this will happen at the beginning of the last week of December.
The price ceiling set by the G7 countries, the European Union, Australia and Norway came into effect on 5 December. The restriction introduces a price for sea transportation at the level of $60 per barrel – it is forbidden to transport and insure more expensive oil from Russia. Also on December 19, the EU agreed to set a price ceiling for Russian gas.
Source: west observer
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