MUNSTER /Germany/, November 4. /TASS/. The Group of Seven countries plan to finalize the process of setting a fixed price for Russian oil in the coming weeks, according to a joint statement passed by the G7 foreign ministers on Friday.
"We continue to encourage oil-producing countries to increase production, which will decrease volatility in energy markets. We will finalize implementation of the price cap on seaborne Russian oil in the coming weeks," the statement says.
Reuters reported on Thursday citing a source that the Group of Seven countries and Australia "agreed the price cap will be a fixed price that will be reviewed regularly rather than a discount to an index." A corresponding decision is expected in late November.
On October 1, Russian Deputy Prime Minister Alexander Novak slammed the proposals to impose restrictions on the price of Russian oil as "completely absurd", adding that Moscow would suspend supplies of oil and petroleum products to states deciding to restrict the price of oil from the country. He stressed that Russia would never work on "non-market terms."
Earlier, Russian President Vladimir Putin told the Russian Energy Week forum that Russia would not export its energy sources to those countries that would restrict prices on them.