Deputy Prime Minister of Russia: There will be no oil supplies to countries that impose oil price limits

Russian Deputy Prime Minister Alexander Novak, who is in charge of energy, said on November 21 that Russia will not supply oil and petroleum products to countries that set a ceiling on oil prices, so Russia will reorient exports or reduce production
.

TASS quoted Novak as saying that Russia will continue to consolidate its position as a "reliable energy supplier" in the world market, so Russia will refuse to supply oil to countries that support price limits on oil, and reorient exports to market-oriented partners or reduce oil production
.

Novak warned that the introduction of a price cap on energy and the "politicization of energy" will only lead to a shortage of energy supplies, and that oil price caps are precisely an "unprecedented intervention" in the principles of the operation of the oil market, which will inevitably lead to lower investment and reduced supply
.

G7 finance ministers reached an agreement in September to set a price cap
on Russian oil.
According to the agreement, the G7 will impose price limits on Russian crude oil from December 5 and Russian refined petroleum products from February 5 next year
.

Russian President Vladimir Putin has previously said that proposals such as the G7 to restrict oil imports from Russia and set a price cap on Russian oil can only cause oil prices to soar
like natural gas prices.
Russian Deputy Prime Minister Alexander Novak said in July that if the G7 limits the price of Russian oil products, Russia will not supply oil
at a loss.