Russia will not sell oil that is subject to a Western price cap even if it has to cut production, Russian official says
Russia, the world’s second largest oil exporter, will not sell oil that is subject to a Western price cap even if it has to cut production, President Vladimir Putin’s point man on energy said.
Russian Deputy Prime Minister Alexander Novak said on Sunday the move by the West was a gross interference which contradicted the rules of free trade and would destabilize global energy markets by triggering a shortage of supply. Novak said the Western cap could trigger trouble in the products markets and could affect other countries beside Russia.
Selling oil and gas to Europe has been one of the main sources for Russian foreign currency earnings since Soviet geologists found oil and gas in the swamps of Siberia in the decades after World War Two.
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