MOSCOW, November 4. /TASS/. Russia will increase primary oil refining by about 2% in 2023, Russian Minister of Energy Nikolay Shulginov told reporters.

"Primary refining will be about 2% higher than last year," he said.

The EU embargo on Russian seaborne oil supplies entered into place on December 5, 2022. The G7 countries, the EU, and Australia have set a price cap of $60 per barrel for Russian oil delivered by sea for their subordinate ships and territories. Similar restrictions on the supply of Russian oil products began to apply on February 5, 2023, when the EU Council officially approved the decision to implement, together with the G7, a price cap for Russian petroleum products transported by sea at $100 for premiums to the price of oil and $45 for discounted ones.

Russian Deputy Prime Minister Alexander Novak previously stated that due to sanctions, he does not rule out a partial drop in oil refining in Russia in 2023.