10/3/2023, 12:48 PM (Source: TeleTrader)
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Novak says oil price ceiling 'ineffective'

Russian Deputy Prime Minister Alexander Novak said on Tuesday that previously enforced price limit on Russian oil has proven to be "ineffective" as the current commodity prices have surpassed the established ceiling.

"Initially, when the price ceiling was introduced, we said that this is a non-working instrument. It makes things worse for consumers, for the entire global energy market," Novak underlined.

In addition, the deputy prime minister reiterated that the ban on the export of gasoline and diesel from Russia will remain in place "as long as necessary" to ensure stabilization of the domestic market.

Baha Breaking News (BBN) / AB