The Kremlin announced on Friday that Russia would cease exporting oil to nations that set price limitations on its energy resources, claiming that such caps would seriously destabilise the world oil market.
In support of remarks made on Thursday by Deputy Prime Minister Alexander Novak, Kremlin spokesperson Dmitry Peskov told reporters in a conference call that “companies that impose a price cap will not be among the recipients of Russian oil.”
Peskov declared, “We simply won’t cooperate with them on non-market grounds.
Friday’s virtual meeting of the Group of Seven (G7) finance ministers was scheduled to finalize plans to set a price restriction on Russian oil purchases in an effort to cut back on the money going to Moscow.
Early this year, the European Union enacted a partial embargo on the import of Russian oil, which, according to Brussels, will stop 90% of Russia’s shipments to the 27-member bloc when it is completely implemented.
It’s time for the EU to think about imposing a similar price ceiling on purchases of Russian gas, according to European Commission head Ursula von der Leyen on Friday.
According to Peskov, the cost of these measures, which were imposed in retaliation for Moscow’s military effort in Ukraine, is being borne by European residents.
According to Peskov, Russia was researching the potential economic effects of setting a price cap on its oil exports.
“One thing can be known with certainty: such a move will significantly destabilise the oil markets,”.
According to the International Energy Agency, nearly half of Russia’s oil and petroleum product exports went to Europe before it launched tens of thousands of troops into Ukraine in February.
In 2021, the EU imported 2.2 million barrels of crude, 1.2 million barrels of processed goods, and 0.5 million barrels of diesel, with Germany, Poland, and the Netherlands being the top three consumers.
Featured Image: Nbc.com
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