Russian President Vladimir Putin said on Friday: Russia, as the world's largest energy exporter, may reduce oil production and refuse to sell oil to any country that applies the price restrictions imposed by the West on Russian oil, Mandiner reported on the basis of Euronews.
Last week on Friday, the member states of the European Union decided to set an upper limit on the price of Russian crude oil based on the agreement concluded with the G7. The paper also informed that the upper limit of the oil price cap will be at least 5 percent lower than the world market price of Russian oil, and this level will be reviewed every two months.
The EU member states agreed on the introduction of a $60 price ceiling for the global purchase of Russian crude oil after Poland, which called for even tougher action - and therefore an even lower upper limit - gave up its objections. The EU therefore managed to decide on the price ceiling before December 5th, as the ban on the import of Russian marine oil into the EU came into effect on the 5th.
As for our reaction, I have already said: we simply will not sell to countries that make such decisions. We are even thinking about reducing production if necessary."
"We think there are no fixed solutions for now. The concrete steps will be outlined in a Russian presidential decree, which will be published in the next few days," Putin claimed, adding that Moscow will not lose out due to the Western price ceiling, and that the government's finances will be in order. He said that the West's decision is "stupid" and that the energy prices of the countries that accept the price ceiling could skyrocket.
Source: Origo
Featured image: MTI/MTVA
