(MENAFN) Aleksandr Novak, the deputy prime minister, claimed on Wednesday that by the end of March, Russia would announce its response to the price cap that the European Union and G7 have imposed on its oil supplies.
“We are now studying the new decisions made [by the EU and the G7 on the embargo and the price cap on fuel from Russia] in order to understand the feasibility [of a response],” Novak also mentioned. “Of course, there will be decisions before March,” according the minister.
On February 5, the European Union imposed price controls on Russian refined petroleum products, limiting their cost to USD100 per barrel for diesel, USD100 per barrel for gasoline, and USD45 per barrel for other oil products that trade below the crude price, like fuel oil used in industry.
The price limitations are a component of a larger G7 accord, along with a European Union embargo on importing Russian oil products. It comes after the G7, the European Union, and Australia put a USD60 per barrel quota on Russian crude on December 5.
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