Novak spoke about the impact of European restrictions on Russian oil products

Deputy Prime Minister of Russia Alexander Novak suggested the possibility of reducing oil production in Russia due to recent Western restrictions on Russian oil products.

In response to a question about whether there are indications for a reduction in production, the Deputy Prime Minister of the Russian Federation said: “Yes, there are such risks, and we will assess them in the near future.”

Prior to this, the Russian Deputy Prime Minister pointed out that the European measures show that Russian oil products are in demand in Europe.

He also pointed to the illogicality of the actions of politicians in the European Union, stressing that the Russian government is closely following the development of conditions related to requests for Russian oil products.

On February 5, the European ban on the import of Russian oil products came into force, and the G7 countries introduced, starting from the same date, a price ceiling for Russian oil products when they are purchased in third countries.

For its part, Moscow has repeatedly confirmed that it will not supply its oil and oil products to countries or organizations that will adhere to the price ceiling, and at the beginning of this month, a decree of the President of the Russian Federation came into force banning Russian companies from supplying oil and its derivatives from Russia to foreign directions in case the contracts require the application of the price ceiling mechanism.

Source: News

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