Russia to suspend oil supplies to states that will impose restrictions on the price of its oil
New Delhi: Russia will suspend supplies of oil and petroleum products to states, which will decide to restrict the price of oil from the country, Deputy Prime Minister Alexander Novak told reporters on Thursday.
“As far as price restrictions are concerned, if they impose restrictions on prices, we will simply not supply oil and petroleum products to such companies or states that impose restrictions as we will not work non-competitively,” he said.
Novak also slammed the proposals to impose restrictions on the price of Russian oil as “completely absurd,” adding that the measure could destroy the global oil market.
“Interference in the market mechanisms of such an important industry as the oil industry, which is the most important in terms of ensuring the energy security of the whole world, such attempts will only destabilize the oil industry, the oil market,” he said, noting that those European and American consumers who are paying high energy prices now, will pay for the measure in the first place.
“This will fully ruin the market,” the Russian Deputy PM stressed.
In 2020, Russia exported $74.4B in Crude Petroleum. The main destinations for Russian exports of Crude Petroleum were China ($23.8B), the Netherlands ($9.26B), Germany ($6.38B), South Korea ($5.03B), and Poland ($4.22B).
(Vinayak)
