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Russia: Dependency on oil price cap unacceptable

Alexander Novak, Deputy Prime Minister of the Russian Federation

23 December 2022 13:58 (UTC +04:00)

Russian Deputy Prime Minister Alexander Novak told RIA Novosti on Friday that the price cap of $60 per barrel the West introduced on oil products from his country could change in the future as Moscow does not intend to comply with that decision and finds it unacceptable, APA reports.

Novak went on to estimate that the aforementioned limit will contribute to a rise in the price of petroleum in Europe. He also predicted the cap on the price of gas the European Union introduced recently will impact the bloc in the first place, not Russia. Additionally, Novak projected the oil price in the global market in 2023 will be between $70 and $100 per barrel but noted that divergences are possible.