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News > Russia

Russia's Response to EU Price Cap, Reorientation of Oil Exports

  • The EU sanctions package is aimed at

    The EU sanctions package is aimed at "strengthening pressure on the Russian government and economy, and weakening Russia's military capabilities." Oct. 6, 2022. | Photo: Twitter/@TpyxaNews

Published 6 October 2022

The controversial price cap on Russian oil is within the eighth package of sanctions adopted by the European Union (EU).

This move on Russian oil exports to third countries was denounced today by the Russian Foreign Ministry, and Russia will respond by redirecting its exports to countries that respect the principles of the free market.  

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"We will respond by redirecting oil exports to countries that are ready to cooperate with us under normal conditions," Russian Foreign Ministry spokeswoman Maria Zakharova said.

According to the diplomat, "The Group of 7's plan to set a voluntary ceiling on oil prices proves once again that the principles of a market economy are alien to Brussels and Washington." 

Zakharova recalled Russia's President Vladimir Putin warning that the country would not agree to trade on terms that go against its interests. "We will not supply anything at all if it is contrary to our interests, in this case economic ones." "No gas, no oil, no coal, no fuel oil, nothing." 

Following months of discussions, the EU reached agreement on a new batch of "biting measures aimed at strengthening pressure on the Russian government and economy, and weakening Russia's military capabilities."

The sanctions package includes price caps related to Russian oil shipping to third countries and import bans worth €7 billion. The EU decided to extend its sanctions against Russia to the Zaporozhye and Kherson regions.

Amid this scenario, an agreement with Iran on oil and gas supplies is expected to be signed by the end of this year, according to Russian Deputy Prime Minister Alexander Novak. "These are commercial contracts that need to be worked out in detail. Our economic agents are working in this direction,"  Novak said.

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