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Russian Deputy Prime Minister Novak in charge of energy work said on November 21 local time that Russia will not supply oil and petroleum products to countries that impose price limits on Russian oil, and will readjust exports or reduce production
for this purpose.
Russia will continue to consolidate its position as a "reliable energy supplier" in the world market, reorient exports to market-oriented partners, or reduce oil production
, according to TASS news agency Novak.
Novak warned that the imposition of a price cap on energy and the "politicization of energy" will only lead to supply shortages, an "unprecedented intervention" in the principles of market operation, and will inevitably lead to a decline
in investment in the industry as a whole.
G7 finance ministers reached an agreement in September to set a price cap
on Russian oil.
According to the agreement, the G7 will impose price limits on Russian crude oil from December 5 and Russian refined petroleum products from February 5 next year
.
Russian President Vladimir Putin has previously said that proposals such as the G7 to restrict oil imports from Russia and set a price cap on Russian oil can only cause oil prices to soar
like natural gas prices.
Novak has also said that Russia will not supply oil
at a loss.
