Russia won’t promote oil underneath the worth cap mechanism – 2024-06-05 07:57:31

/ world right this moment information/ On October 3, Russian Deputy Prime Minister Alexander Novak said that Russia won’t promote oil inside the framework of the worth cap mechanism beforehand imposed by the G-7 and the European Union, however will respect market costs.

In December 2022, the EU and the G7 imposed an embargo and capped the worth of Russian seaborne oil exports to $60 per barrel. In February of this yr, the EU and the G-7 launched comparable restrictions on the export of Russian oil merchandise.