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Russia to remain one of the largest oil exporters despite price cap — Finance Minister

Speaking about the introduced ceiling on oil prices, Anton Siluanov noted: "Prices will be determined on the basis of market principles, and not on the basis of any ceilings, restrictions, which cannot work within the framework of market pricing"

MOSCOW, December 29. /TASS/. Russia will always be one of the largest oil suppliers, despite the introduction of a price ceiling, Finance Minister Anton Siluanov announced on the air at the Rossiya 24 TV Channel.

"Russia is one of the largest oil exporters and it will aways be," he said.

Speaking about the introduced ceiling on oil prices, the minister noted: "Prices will be determined on the basis of market principles, and not on the basis of any ceilings, restrictions, which cannot work within the framework of market pricing."

On December 5, an embargo on maritime oil supplies from Russia to the European Union came into force. The EU, the Group of Seven (the UK, Germany, Italy, Canada, USA, France, Japan), as well as Australia, agreed on a price cap for Russian oil supplied by sea at $60 per barrel. The US, EU and UK are banning their companies from providing transport, financial and insurance services to tankers carrying oil from Russia at a price above the agreed upon level.

On December 27, President Vladimir Putin signed a decree on retaliatory measures to the West's imposition of a price cap on Russian oil. The document bans supplies of Russian oil to buyers who join the West’s restrictions from February 2023. The document comes into force on February 1, 2023 and is valid until July 1, 2023.