Russia will stop selling oil to countries that impose a price ceiling

The Kremlin announced today that Russia will stop selling oil to countries that impose a price cap on Russian energy resources, Reuters reported.

The position of the rulers in Moscow is that such price restrictions will lead to “substantial destabilization of the global oil market”.

“Companies that impose a price ceiling will not be among those that will receive Russian oil,” Kremlin spokesman Dmitry Peskov told journalists in confirmation of comments on the subject made yesterday by Deputy Prime Minister Alexander Novak.

“We simply will not cooperate with these companies based on non-market principles,” added Peskov, BTA reports.

The Kremlin spokesman added that “Russia is studying how imposing a price ceiling on its oil exports will affect its economy.”

Finance ministers from the group of seven most developed world economies (G-7) will hold an online meeting today. He expects them to discuss in detail plans to impose a price cap on Russian oil, aimed at limiting Moscow’s revenue from the sale of black gold.

Earlier this year, the European Union imposed a partial ban on the purchase of Russian oil. It will reduce its imports into EU countries by 90 percent when it comes into force in full, Brussels announced.

The President of the European Commission, Ursula von der Leyen, said today that it is time for the EU to consider imposing a similar price ceiling on purchases of Russian natural gas.

Kremlin spokesman Dmitry Peskov said that “European citizens are the ones who will pay the price for such measures.”

Before Russia invaded Ukraine in February, nearly half of Russia’s exports of crude oil and petroleum products went to Europe, according to the International Energy Agency (IEA).

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