Russian Deputy Prime Minister Novak said in an interview with the media on December 4 local time that Russia’s attitude towards the West’s practice of imposing price caps on crude oil exports to Russia by sea has not changed. Russia imposes a price limit on the export of oil and oil products.
He also accused the West of savagely interfering in the market and violating all the rules set by the WTO.
Novak said that Russia will only export oil and oil products to countries that purchase Russian energy at market prices, even if doing so comes at the cost of having to cut production.
He also said Russia was working on countermeasures because Western price caps would further jeopardize the stability of global energy markets.
Novak has also previously warned that imposing price caps on energy and "politicizing energy" will only lead to supply shortages and will inevitably lead to a decline in investment in the industry as a whole.
On December 2, EU member states reached an agreement to set a price cap of US$60 per barrel for crude oil exported by sea from Russia.
After the agreement comes into force, if the crude oil price exceeds the threshold of US$60 per barrel, EU companies will be prohibited from providing insurance, financial and other services for Russian crude oil transportation.
On the same day, the G7 and Australia also announced to set a price ceiling of US$60 per barrel for crude oil exported by sea from Russia.
(produced by Liu Sejiong)
Responsible editor: [Luo Pan]