Russia will ban the supply of oil and oil products to countries under the price ceiling
Deputy Prime Minister of Russian Federation Novak noted that the reduction in oil production in Russia could amount to 500-700 thousand barrels per day
The Russian Federation will ban the supply of oil and petroleum products to countries that require compliance with the price ceiling imposed by the West and may reduce oil production in early 2023 by 500-700 thousand barrels per day, Turanews.kz reports.
“This decree implies a ban on the supply of oil and oil products to those countries and those legal entities that will require compliance in contracts with the price ceiling introduced by the European Union,” Deputy Prime Minister Alexander Novak told Russian state TV.
Novak added that the volume of such a reduction in oil production is insignificant, “but nevertheless such risks exist.”
Last Friday, Russia vowed such a move, taken in the wake of the EU and Group of Seven countries introducing a price cap of $60 per barrel for Russian oil, seeking to restrict the money Russia can earn from oil amid the 10-month-old war in Ukraine.
