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"There is not much oil in the world, and Russian oil has always been and will always be in demand," Russian Deputy Prime Minister Aleksandr Novak said.
Novak's statements came in connection with the capping at 60 dollars per barrel of Russian oil export prices agreed by the European Union countries, the G7 and Australia last week and endorsed as of yesterday, December 5.
According to the Russian official, this restrictive measure will affect the country's businesses and sales, which is detrimental to market instruments.
However, this does not mean "no tragedy" for Moscow, the Deputy Prime Minister said, noting that "global consumption, economic growth in the world must be provided with energy resources. There is not much oil in the world, and Russian oil has always been and will always be in demand."
Novak considers the price capping to be an unacceptable non-market mechanism, and says it will lead to higher energy inflation due to supply shortages. "This can only lead to an overall decline in investment and a future shortage of relevant resources. This, in turn, will lead to even higher prices."
Rusya'dan petrolde tavan fiyata yasak hazırlığı
��Rusya Başbakan Yardımcısı Aleksandr Novak, tavan fiyat uygulayan ülkelere petrol ve petrol ürünleri satmayacaklarını belirterek, "Tavan fiyat araçlarının kullanımını yasaklayacak mekanizmalar üzerinde çalışıyoruz." pic.twitter.com/9MQU255HS4
��Russian Deputy Prime Minister Aleksandr Novak stated that they will not sell oil and petroleum products to countries that apply price ceilings, "We are working on mechanisms to ban the use of price ceiling tools."
The Russian official said that a possible decline in Russian oil production triggered by Western sanctions would not be severe and that Russia is taking measures to ensure stability amid the uncertain situation.
As for Russia's response against the cap, the Deputy Prime Minister said that a mechanism is being discussed to prohibit Russian companies from selling oil to countries adhering to the cap. "We are currently studying and fine-tuning the decision, and discussing it with the companies," Novak told reporters.
In addition to the price cap, an embargo on maritime shipments of Russian oil to the European Union also came into force on December 5.