Russia threatens to cut oil supply if G7 countries limit its price

Russia has threatened this Thursday with suspend oil supply and petroleum products to countries that decide limit the price of Russian crude.

“If they impose price restrictions, we will simply not supply oil and petroleum products to the companies or states that impose them, since we will not work in a non-competitive mannersaid Deputy Prime Minister alexander novak in statements collected by the official agency TASS.

The finance ministers of the G7 countries (USA, Germany, France, the UK, Italy, Canada and Japan) will debate on Friday the idea of ​​putting a price limit on Russian oil exports to prevent the Kremlin from taking large revenues as the price of oil rises. barrel of crude

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Novak called proposals to impose a Russian oil price cap as “completely absurd”, adding that the move could completely destroy the world oil market.

“Interference in the market mechanisms of an industry as important as the oil industry, which is the most important in terms of ensuring the energy security of the whole world, will only destabilize the oil market,” he said.

Novak pointed out that those European and US consumers who are already paying high prices for energy now will be the first to pay for the measure.

“This will completely ruin the market”emphasized the deputy prime minister.

Russia-Ukraine War


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