Vladivostok, Russia (Reuters) – Russian Energy Minister Nikolai Shulginov told reporters at the Eastern Economic Forum in Vladivostok on Tuesday that Russia will Countering the price cap on Russian oil by sending more supply to Asia.
“Any action to impose price caps will lead to deficits in the (originating country’s) domestic market and increase price volatility,” he said.
U.S., German, Italian, Japanese, U.K., French and Canadian finance ministers last week to limit Russian crude oil prices to reduce Moscow’s revenue in response to its invasion of Ukraine The idea gave the green light.
Before Russia dispatched tens of thousands of troops to Ukraine in February, about half of Russia’s crude oil and petroleum products were exported to Europe, according to the International Energy Agency.
