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12/4/2022, 3:45 PM (Source: TeleTrader)
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Novak says Russia won't export oil to countries with price cap

Russian Deputy Prime Minister Alexander Novak on Sunday said Moscow will not export oil to the countries that adopt the deal that puts a price ceiling on its crude, the terms of which were agreed on by the EU, G7 and Australia.

In an interview with Russia-24 TV channel, Novak said Moscow sees the cap as "inefficient, interfering with market instruments, and contrary to all the rules of the same World Trade Organization." "Such intervention, we believe, can lead to even greater destabilization, a shortage of energy resources and a decrease in investment," he said, according to TASS news agency.

The news comes after the Western nations announced they will impose a price ceiling of $60 per barrel for seaborne Russian crude oil in an effort to put further pressure on the Kremlin over its actions in Ukraine.

Baha Breaking News (BBN) / NL