Russian Energy Minister Nikolai Shulginov emphasized that “Russia will definitely not sell gas or oil to countries that set a ceiling on their prices”, stressing that it also “will not sell oil and gas at a price below the cost of their production or at a loss.” He pointed out that “The West has formed an alliance that conspires against us to punish us, and we will not allow such deals with us.”

Shulginov told reporters at the Eastern Economic Forum in Vladivostok that Russia would respond to capping Russian oil prices by shipping more oil to Asia. He pointed out that “any measure to impose a price ceiling will lead to shortages in the markets (for countries that apply it) and increase price volatility.”

Two weeks ago, the finance ministers of the US, Germany, Italy, Japan, Britain, France and Canada gave the green light to capping Russian oil prices to cut Moscow’s revenues in response to its war with Russia. Ukraine. Before Russia sent tens of thousands of troops to Ukraine in February, almost half of Russia’s exports of crude oil and petroleum products went to Europe, according to the International Energy Agency.