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Russian Deputy Prime Minister Novak, who is in charge of energy work, said on September 1 that Russia will not supply oil and petroleum products to countries that support price limits on Russian oil, and Russia refuses to supply oil
to foreign countries under non-market conditions.
TASS quoted Novak as saying that the plan of the G7 to limit the price of Russian oil is absolutely absurd, and trying to intervene in the market mechanism of such an important industry will not only lead to its instability, but also threaten the entire oil market, which can lead to a global energy security disaster
.
Novak stressed that consumers in Europe and the United States will pay the price
.
They have already paid a high price
due to Western sanctions against Russia.
Novak said that the Russian oil industry is preparing
for a possible oil embargo imposed by EU countries.
White House press secretary Karina Jean-Pierre said on August 31 that the G7 finance ministers will discuss US President Joe Biden's proposal
to impose a price cap on Russian oil when they meet on September 2.
Russian President Vladimir Putin previously said that proposals such as the G7 to restrict oil imports from Russia and set a price ceiling on Russian oil can only lead to a spike
in oil prices like natural gas prices.
Novak said in July that if the G7 limits the price of Russian oil, Russia will not supply oil
at a loss.
