Russia will stop selling oil to countries that impose a price ceiling

Russia will stop selling oil to countries that impose a ceiling on the prices of Russian energy resources, the Kremlin said.

According to Moscow, such price restrictions will lead to significant destabilization of the global oil market.

“Companies that impose a price ceiling will not be among those who will receive Russian oil,” Kremlin spokesman Dmitry Peskov told reporters in confirmation of comments on the subject made yesterday by Deputy Prime Minister Alexander Novak.

“We simply will not cooperate with these companies based on non-market principles,” Peskov added.

The Kremlin spokesman added that “Russia is studying how imposing a price cap on its oil exports will affect its economy.”

Finance ministers from the group of seven most developed world economies (G-7) will hold an online meeting today. They are expected to discuss in detail the plans to impose a ceiling on the prices of Russian oil, the purpose of which is to limit Moscow’s income from the sale of black gold, reports BTA.

Earlier this year, the European Union imposed a partial ban on the purchase of Russian oil. It will reduce its imports into EU countries by 90 percent when it comes into force in full, Brussels announced.

The President of the European Commission, Ursula von der Leyen, said today that it is time for the EU to consider imposing a similar price ceiling on purchases of Russian natural gas.

Kremlin spokesman Dmitry Peskov said that “European citizens are the ones who will pay the price for such measures.”

Before Russia invaded Ukraine in February, nearly half of Russia’s exports of crude oil and petroleum products went to Europe, according to the International Energy Agency (IEA).


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Tags: Russia stop selling oil countries impose price ceiling