Novak called the condition under which Russia will stop exporting oil

Russia will stop deliveries if the ceiling on the cost of Russian oil, the introduction of which the G7 countries are now discussing, will be less than the cost of its production. Novak stressed that Russian oilmen will not work at a loss

Alexander Novak

Russia will stop supplying oil to the world market if Western countries impose a limit on its cost and it turns out to be lower than the cost of production, Deputy Prime Minister Alexander Novak said on the air of Channel One.

“If these prices , which is said to be below the cost of producing oil, <…> Naturally, Russia will not ensure the supply of this oil to world markets, which means that we simply will not work at a loss, — he explained (TASS quote).

The G7 countries agreed to set a ceiling on the cost of Russian oil at the end of June. Thus, they are trying to limit Russia's income from energy exports. At the summit in Germany, which took place on June 26 & 28, the G7 decided that the ceiling price “will be agreed after consultation with international partners.”

Bloomberg specified that the G7 countries are discussing the possibility of limiting supplies through insurance and transportation of Russian oil: it will be possible to insure and transport only those raw materials and oil products whose value does not exceed the maximum allowable values.

Japanese Prime Minister Fumio Kishida reported that the upper threshold will be set at about half of the current price of Russian oil. In June, the average price of a barrel of Urals oil was $87.25.

Moscow believes that the restrictions will lead to a sharp increase in world oil prices. President Vladimir Putin felt that Western countries were “stepping on the same rake” as in the case of Russian gas. “The result will be the same” rise in prices. Oil prices will skyrocket,— he thinks.

Read on RBC Pro Pro Up to 600 thousand rubles: how they hire and how much they pay IT specialists in 2022 and Debriefing: Why Talking About Sex Is So Difficult Instructions Pro A TED-style talk. I'm talking. I'm listening. Hear Summary Pro Five luxury brands go public. What is important to know about the Lanvin Group Articles Pro How China's tech sector lost $2 trillion in capitalization Articles Pro “Bad is the best”: rules for selling to disgruntled customers Security Council Dmitry Medvedev, in turn, admitted that the cost of oil will exceed $300-400 per barrel. “There will be significantly less oil on the market, and its price will be much higher,” — he explained.

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