Russia suspends oil provisions to nations that agreed to cap Russian oil
(MENAFN) Russia is going to stop the provision of oil and petroleum outputs to nations that have accepted to cap costs of Russian oil, Russian Tass News Agency cited Deputy premier Alexander Novak as stating on Thursday.
Novak’s comments came amid a gathering of G-7 finance ministers later Friday to talk about a worldwide price cap on Russian oil to reduce the nation’s key source of cash as well as help force down its oil costs.
"As far as price restrictions are concerned, if they impose restrictions on prices, we will simply not supply oil and petroleum products to such companies or states that impose restrictions as we will not work non-competitively," Novak informed journalists.
Novak is critical of the EU’s efforts to cap Russian oil, labelling the move as “completely absurd”, whereas demanding it could end the worldwide oil market.
He stated that "Interference in the market mechanisms of such an important industry as the oil industry, which is the most important in terms of ensuring the energy security of the whole world, such attempts will only destabilize the oil industry, the oil market."
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