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Oil price cap aggravates "energy poverty" problems — Novak

The Deputy Prime Minister welcomed the India’s decision not support Russian oil price caps set by the Group of Seven and their allies

MOSCOW, December 9. /TASS/. Introduction of a price cap for the Russian oil aggravates "energy poverty" problems not merely in the developing world but also in developed European countries, Russia’s Deputy Prime Minister Alexander Novak said on Friday after the meeting with India’s Ambassador Pavan Kapoor.

"Introduction of a price cap for the Russian oil is an anti-market measure. It disrupts chains of supplies and can significantly aggravate the situation on global energy markets. As a result, the energy poverty problem is becoming more acute not merely in the developing world but in developed European countries as well," Novak noted.

The Deputy Prime Minister also welcomed the India’s decision not support Russian oil price caps set by the Group of Seven and their allies. Russia is responsibly honoring its contractual commitments on energy supplies even in the energy crisis situation, diversifying energy exports to countries of the East and the South, Novak said.