Russian Finance Minister: Russia will sell oil at market prices to countries that have not applied price caps

Russian Finance Minister Siluanov said Russia would sell oil
at market prices to countries that did not impose price caps.

Siluanov said on December 29 on the "Russia-24" TV channel that international analysts have made positive forecasts
for global oil demand.
"From a demand growth perspective, it's about 1.
5 million barrels per day, which means oil is tight
.
"

Siluanov said that no matter what caps are introduced by Western countries, whether it is $60 a barrel today or $30 or 70 a barrel later, Russia will supply oil
at market prices to countries that have not introduced price caps.
"Russia is one of the largest oil exporters and will continue to do so
in the future.
"

He also noted that prices will be determined according to market principles, not based on certain caps and limits, and that "any price cap distorts the market.
"
Siluanov stressed that Western countries have always preached market principles and violated them themselves, "which once again proves the double standards of Western countries in all political and economic activities.
"

Russian President Vladimir Putin signed a presidential decree on the 27th, prohibiting the supply of Russian oil and petroleum products
to foreign legal persons and individuals who directly or indirectly use the price ceiling mechanism in contracts.
EU member states reached an agreement in early December to set a price cap of $60 per barrel for seaborne oil exports to Russia, and the G7 and Australia announced that they would apply the same price cap to the EU
.
The policy is effective
from December 5.