Ceiling price for Russian oil

The G7 countries (Germany, USA, UK, France, Italy, Japan and Canada) are applying a ceiling price to Russian oil due to the Ukraine war.

These countries, which wanted to increase the economic pressure on Moscow, limited the price of Russian oil to 60 dollars per barrel.

Russia, in response to price ceilings on crude and refined products, signaled that it could reduce oil production by 5 to 7 percent in early 2023 and halt sales to countries that support this situation.

"$60 today, anything can happen tomorrow"

Russian Deputy Prime Minister Aleksandr Novak said, "In the current situation, we believe it is possible to take the risk of lower production instead of acting according to the sales policy regarding the price ceiling.

"$60 today can be anything tomorrow, and it is unacceptable for us to depend on some decisions of hostile countries," he said.

Novak emphasized that the decree will ban the sale of oil and petroleum products to countries participating in the ceiling price application and to companies that demand compliance.

"Global development is difficult without Russian energy"

The same official stated that it would be difficult to achieve global economic development without Russian energy, and he predicted that there may be a possible gas shortage in Europe, which imposes restrictions on oil prices as well as natural gas.