“As part of this decree, there is a ban on the supply of oil and oil products to those countries and those legal entities that will demand compliance in contracts with the price ceiling introduced by the European Union,” RIA Novosti quotes the Deputy Prime Minister.
Novak added that Moscow is ready to reduce partial production.
So, at the beginning of 2023, there may be a reduction of about 500-700 thousand barrels per day.
“This is about 5-7% for us,” he specified.
Earlier, Russian President Vladimir Putin announced the signing of a decree on retaliatory measures to introduce a cap on oil prices in the near future.
The Russian leader also banned Gazprom from buying gas from a joint venture with Wintershall and OMV above the set price.