Russian Deputy Prime Minister Alexander Novak confirmed that Russia will not export oil to world markets at prices for which the West will set a ceiling, although this will bring losses.
Novak said in an interview with Russia’s Channel One on Wednesday: “If the prices in question are below the cost of oil production … it is natural that Russia will not guarantee supplies to world markets.”
“This means that we will not act in such a way as to incur losses,” he added.
The G7 countries have said they are seeking to set a ceiling on the price of Russian oil as part of the restrictions on the Russian energy sector, which are being introduced against the backdrop of the Russian military operation in Ukraine.
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