TRIBUNNEWS.IT – Deputy Prime Minister Russia said Alexander Novak Russia it will ban the sale of oil to countries that follow the price limits imposed by the West and its allies.
Previously, the European Union, the G7 countries and Australia limited the purchase price of oil Russia $60 per barrel will take effect from December 2022.
Limit oil prices Russia this was the West’s response to the invasion Ukraine.
“The ban on the supply of oil and petroleum products to those countries and entities that will require compliance with EU price limits in contracts is part of the decree,” the deputy prime minister said. Russia Alexander Novak on state television, Friday (12/23/2022).
Russian President Vladimir Putin will officially announce Russia’s response to oil price policy next week.
Read also: Russian President Vladimir Putin visits Russian arms factory and calls for speeding up production
Russia threatens to cut off oil supplies
Deputy Prime Minister Russia Alexander Novak also said Russia could cut oil supplies to the West from 2023.
This cut is Russia’s response to Western sanctions, as reported Moscow weather.
According to him, Russia may have to cut oil production by 5-7%, saying the cuts could go as high as 500,000-700,000 barrels per day.
Western price caps aim at limiting income Russia as punishment for his invasion of Ukraine while making sure Russia continue to supply the global market.
Russia claims that the restrictive measures will contribute to the destabilization of world energy markets.
A part from that, Russia certainly the limit will not affect the military campaign Russia Of Ukraine.
The European Union also imposed an embargo on shipments of Russian crude last December in retaliation for the Russian invasion of Ukraine.
Read also: Zelensky: Russian military activity increases, potentially attacks Ukraine during Christmas holidays
Western rules can harm global consumers
Russia plans to ban countries following Western sanctions from buying oil Russia.
