Supervisor Elham AbolFateh
Editor in Chief Mohamed Wadie

Novak: Imposing Price Cap on Russian Oil Is 'Unaccpetable'


Sun 04 Dec 2022 | 08:31 PM
Russian Deputy Prime Minister (PM) Alexander Novak
Russian Deputy Prime Minister (PM) Alexander Novak
Nada Mustafa

Russian Deputy Prime Minister (PM) Alexander Novak said that Russia's position on trying to impose a price cap on Russian oil has not changed.

Novak stressed- in a statement reported by (Russia Today) TV news channel today, Sunday - that imposing a price cap on oil is 'unacceptable', and Russia will not sell its oil to countries that implement this decision.

He explained, "Russia is studying mechanisms that allow it to avoid selling oil to countries that impose a price cap. It will sell oil and its derivatives only according to market rules."

The Russian Deputy PM noted that the "OPEC +" countries have reaffirmed the old decision to reduce oil production by two million barrels per day.