Russia to ban oil sales under price cap

Russian Deputy Prime Minister Alexander Novak stated on Sunday that Moscow will not adhere to the price cap of $60 per barrel imposed by the G7 on the sale of Russian oil to non-EU countries, and will reduce production in order to make up for lost exports.

Novak also argued that the price cap mechanism contravenes World Trade Organization rules, would cause a decrease in energy investment, and could potentially lead to worldwide shortages and further market disruption.

Novak said Russia "will only sell oil and oil products to those countries which will work with us on market conditions, even if we have to somewhat cut production", according to the TASS report.

He further declared that the price cap could eventually "be applied not only to oil but to other products on the market, and not only to Russia but to other countries as well".

The price cap was put forward in September by the G7 group of industrialised nations (the US, Canada, the UK, France, Germany, Italy, Japan and the EU) in a bid to hit Moscow's ability to finance the war in Ukraine.


source: commonspace.eu with TASS and agencies

Related articles

Editor's choice
News
Borrell tells the European Parliament that the situation in Afghanistan was critical, but the EU will remain engaged

Borrell tells the European Parliament that the situation in Afghanistan was critical, but the EU will remain engaged

Borrell underlined that the European Union will make every effort to support the peace process and to remain a committed partner to the Afghan people. "Of course, we will have to take into account the evolving situation, but disengagement is not an option.  We are clear on that: there is no alternative to a negotiated political settlement, through inclusive peace talks.
Editor's choice
News
Who is Italian?

Who is Italian?

Italians go to vote on 8 and 9 June in a referendum that is dividing the nation and will help define "Who is Italian". Until the mid-19th century Italy was "a mere geographical expression", divided in small states and parts of it occupied by foreign powers. Eventually, the Italian language brought people together, and the Italian state as we know it emerged by 1871. In todays Italy, the question of who gets to be Italian is a sensitive one. Large numbers of migrants and refugees arrive in the country each year helped across the Mediterranean from North Africa by smuggling gangs. The national referendum on Sunday and Monday proposes halving the time required to apply for Italian citizenship. Cutting the wait from 10 years to five would bring this country in line with most others in Europe. The referendum was initiated by a citizens' inituative and is supported by civil society groups. But for such a referendum to be valid, 50% of all voters in Italy have to turn up. Giorgia Meloni, the country's hard-right prime minister, has announced she will boycott the vote, declaring the citizenship law already "excellent" and "very open". Other parties allied to her are calling on Italians to go to the beach instead of the polling station.

Popular

Editor's choice
News
Who is Italian?

Who is Italian?

Italians go to vote on 8 and 9 June in a referendum that is dividing the nation and will help define "Who is Italian". Until the mid-19th century Italy was "a mere geographical expression", divided in small states and parts of it occupied by foreign powers. Eventually, the Italian language brought people together, and the Italian state as we know it emerged by 1871. In todays Italy, the question of who gets to be Italian is a sensitive one. Large numbers of migrants and refugees arrive in the country each year helped across the Mediterranean from North Africa by smuggling gangs. The national referendum on Sunday and Monday proposes halving the time required to apply for Italian citizenship. Cutting the wait from 10 years to five would bring this country in line with most others in Europe. The referendum was initiated by a citizens' inituative and is supported by civil society groups. But for such a referendum to be valid, 50% of all voters in Italy have to turn up. Giorgia Meloni, the country's hard-right prime minister, has announced she will boycott the vote, declaring the citizenship law already "excellent" and "very open". Other parties allied to her are calling on Italians to go to the beach instead of the polling station.