Russia to Withhold Oil from Countries Complying with Price Cap

Russian Deputy Prime Minister Alexander Novak announced today, Friday, that his country will ban oil supplies to countries that comply with the price ceiling, and said that Moscow is ready to cut production.

Novak indicated, according to Russian news agencies, that his country will respond to the decision to impose a price ceiling on oil, by banning the supply of oil and petroleum products to countries and legal entities that will comply with this condition in contracts, and pointed out that Moscow is ready to reduce production, by a rate ranging between 5 and 7 percent.

The Russian news agency "Sputnik" quoted Novak as saying that, according to the results of the year, oil production in Russia will grow by 2 percent, to 535 million tons, and oil refining will increase by 5 percent. 

He recalled that Russia is preparing a special decree that will be issued soon regarding its response to the decision to impose a ceiling on the price of crude oil, which was set by the G7 countries and the European Union.