By shipping more to Asia, Russia responds to setting a ceiling on oil prices

Russian Energy Minister Nikolai Shulginov told reporters at the Eastern Economic Forum in Vladivostok today that Russia will respond to capping Russian oil prices by shipping more supplies to Asia.

"Any measures to impose a price ceiling will lead to a market deficit (for countries that implement this) and will increase price volatility," he said.

The finance ministers of the United States, Germany, Italy, Japan, Britain, France and Canada gave the green light last week to the idea of ​​capping the price of Russian crude to cut Moscow's revenue in response to its invasion of Ukraine.

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