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Russia will suspend oil supplies to countries putting restrictions on price of its oil

Russian Deputy Prime Minister Alexander Novak slammed the proposals to impose restrictions on the price of Russian oil as “completely absurd,” adding that the measure could completely destroy the global oil market.

Russia will suspend supplies of oil and petroleum products to states, which will decide to restrict the price of oil from the country, Deputy Prime Minister Alexander Novak told reporters on Thursday.

“As far as price restrictions are concerned, if they impose restrictions on prices, we will simply not supply oil and petroleum products to such companies or states that impose restrictions as we will not work non-competitively,” he said.

Novak also slammed the proposals to impose restrictions on the price of Russian oil as “completely absurd,” adding that the measure could completely destroy the global oil market.

“Interference in the market mechanisms of such an important industry as the oil industry, which is the most important in terms of ensuring the energy security of the whole world, such attempts will only destabilize the oil industry, the oil market,” he said, noting that those European and American consumers who are already paying high prices for energy now, will pay for the measure in the first place.

“This will fully ruin the market,” Russian Deputy PM stressed.

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