Russia will not sell oil at prices set by the West

Russian Finance Minister Anton Siluanov has not ruled out the possibility of Russia limiting oil production. He was adamant that the decision of the Russian Federation not to supply oil at prices determined by the West is a matter of principle… This was reported by the TASS news agency.

We will not supply oil under contracts that specify price limits, offered by Western countries. This is out of the question. The President of the Russian Federation has spoken about the fact that Russia will supply oil under agreements that will not have a maximum price, Siluanov explained.

According to him, it may be necessary to limit production somewhere. Now we see that our companies, our oil companies, are diverting their supply lines from west to east to south to other countries. We are looking for new oil consumers, and since the demand for oil, according to forecasts of the agencies, will grow, this situation will largely depend on the dynamics of the world economy, he added.

We will look for other markets, other logistics. Maybe it will be more expensivethe Russian finance minister also said.

At the same time, Deputy Prime Minister Alexander Novak said in an interview with TASS that due to the actions of Western government oil and gas companies are already withdrawing their money from the sector in the form of dividends and not investing in it.

This means that in 5-10 years the world will face a shortage of energy resources and a new wave of crises, which will hit the European Union to a greater extent.

“Within five to ten years, the world will face serious problems, deficits and a new wave of crises. Europe will be the hardest hit“, he added. According to him, Western countries are not guided by economic common sense when imposing further sanctions and taking measures to regulate markets, but are only flirting with their voters.

Recall that in early December the G-7 countries agreed on a price cap of Russian oil from $60 a barrel.