THE Russiathe second largest exporter of Petroleum in the world, will not sell oil subject to a price cap imposed by the West, even if that means cutting production, said the Russian president’s energy representative, Vladimir Putin🇧🇷
The Group of Seven largest economies, the G7, and Australia agreed on Friday to fix a price cap of $60 a barrel for Russian seaborne crude oil after European Union members overcame resistance from Poland.
The western decision to ban shipping, insurance and reinsurance companies from handling Russian oil cargoes above the limit is an attempt to punish Putin for the conflict in Ukraine🇧🇷
Russian Deputy Prime Minister Alexander Novak said on Sunday that the Western move was gross interference that contravened free trade rules and would destabilize global energy markets by causing a supply shortage.
“We are working on mechanisms to prohibit the use of a price cap instrument, regardless of the defined level, because such interference could further destabilize the market,” said Novak, a Russian government official in charge of the oil, gas, atomic energy sector. and coal.
“We will only sell oil and derivatives to those countries that will work with us under market conditions, even if we have to reduce production a little bit,” he added.
Source: Moneytimes
I am an author and journalist with a focus on market news. I have worked for a global news website for the past two years, writing articles on a range of topics relating to the stock market. My work has been published in international publications and I have delivered talks at both academic institutions and business conferences around the world.
