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Russia's interests in energy trade will be protected — Deputy Foreign Minister

"Our relevant departments and structures have prepared for the price cap in a variety of sectors and aspects," Sergey Ryabkov stressed

MOSCOW, December 6. /TASS/. Russia's interests in the energy resources trade will be ensured, Russian oil will find its buyers, Deputy Foreign Minister Sergey Ryabkov told reporters on Tuesday.

"I have no doubt that our products will find buyers. As I understand it, our relevant departments and structures have prepared for this step (the price cap - TASS) in a variety of sectors and aspects. We'll see how the market reacts in the future, but our interests in this field (trading in energy resources - TASS) will be protected one way or another," Ryabkov said.

Deputy Prime Minister Alexander Novak said earlier on Tuesday that Russian oil, despite the embargo and the price cap, will be in demand, although the measures will affect Russian companies. "Such interference in market instruments, of course, affects the work of our companies, the sale of products to export markets. Nevertheless, I want to emphasize that Russian oil is in demand on world markets and will find buyers," he said.

Russia is changing oil supply chains amid the EU embargo and the price cap, but does not see this as a tragedy, Novak said. "Yes, mechanisms and supply chains will change. Nevertheless, we do not see this as a tragedy, commercial companies will find interaction mechanisms among themselves to sell relevant products," Novak said.

Russia will keep its oil sales abroad in December at the level of November against the backdrop of the EU embargo and the price cap, Novak added. Earlier, Novak said that Russia in January-November 2022 increased oil production by 2.2%, to 488 mln metric tons.

On December 5, an embargo on the delivery of Russian oil by sea to EU members went into effect, as did a resolution by the EU, the G7, and Australia to set an adjustable price cap for Russian oil supplied by sea at $60 per barrel. According to Novak, Russia intends to develop a mechanism that will prohibit trading based on the rubles of the oil price cap.