Al Mayadeen English

  • Ar
  • Es
  • x
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Features
  • Videos
    • NewsFeed
    • Video Features
    • Explainers
    • TV
    • Digital Series
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Features
Videos
  • NewsFeed
  • Video Features
  • Explainers
  • TV
  • Digital Series
Infographs
In Pictures
  • Africa
  • Asia
  • Asia-Pacific
  • Europe
  • Latin America
  • MENA
  • Palestine
  • US & Canada
BREAKING
Palestinian Ministry of Health in Gaza: The total number of Palestinians killed due to famine and malnutrition has risen to 313, including 119 children
Ministry of Health in the Gaza Strip: 10 people, including two children, have died of starvation in the past 24 hours
Al Mayadeen's correspondent in South Lebanon: US envoy Tom Barrack cancels his visit to Tyre and al-Khiam amid popular protests
Al Mayadeen's correspondent in Lebanon: Israeli occupation forces carried out an explosion in the southern border town of Kfar Kila
Russian Ministry of Defense: 37 Ukrainian drones destroyed in 4 hours over regions of Russia and the Black Sea.
Sheikh Qassem: Our supporters make up more than half of Lebanon's population, and all of these people are united under the banner of protecting Lebanon, its Resistance, its people, and its integrity.
Sheikh Qassem: There will be no phased handing in of our arms. [The Israelis] must first enact the agreement before we start talking about a defensive strategy.
Sheikh Qassem: Be brave in the face of foreign pressures, and we will be by your side in this stance.
Sheikh Qassem: Stripping us of our arms is like stripping us of our very soul, and this will prompt us to show them our might.
Sheikh Qassem: We will not abandon our arms, for they gave us dignity; we will not abandon our arms, for they protect us against our enemy.

Russia to reduce production under possible price cap: Novak

  • By Al Mayadeen English
  • Source: Agencies
  • 22 Nov 2022 00:02
  • 1 Shares
3 Min Read

Russia will not send oil and petroleum products to nations that use the price-cap approach, Russian Deputy Prime Minister Alexander Novak warns.

  • x
  • Russian Deputy Prime Minister Alexander Novak (TASS)
    Russian Deputy Prime Minister Alexander Novak (TASS)

Russian Deputy Prime Minister Alexander Novak affirms that Russia will not send oil and petroleum products to nations that use the price-cap approach; instead, Moscow will reroute supplies to market-oriented allies or limit production entirely.

"Russia confirms its status as a reliable energy supplier to the world market and the market status of our relations with partners. In this regard, we do not plan to supply oil and petroleum products to countries that will apply the principle of a price cap with the subsequent reorientation of supplies to market-oriented partners or with a production reduction," Novak said.

The top political figure warned that politicization of the energy sector can only lead to a scarcity of resources on the market; for example, the price cap on Russian oil.

"We believe that the politicization of the energy sphere can only lead to a shortage of resources and problems with energy supply. The price cap is just an example of unprecedented interference in the functioning of the oil market, which will inevitably lead to a drop in investments, a decrease in supply, and a shortage of oil supply and any other exchange-traded goods to which this mechanism can be applied in the future," Novak said.

Related News

India scales back Russian crude imports amid US tariff pressure

US-India trade talks put on hold as August visit canceled

Novak’s remarks came in light of the G7's recent decision to cap the prices of Russian oil in an effort to prevent Russia from profiteering from its oil revenues.

The cap is scheduled to be implemented in full force from December 5 on sea-borne oil shipments, with a second cap on oil products from February 5.

Putin: No gas, no oil, no coal, nothing

Russian President Vladimir Putin commented on the price cap attempts by stating that Russia will stop supplying oil and gas to countries that impose price ceilings. Capping prices, as some Western countries are considering, "would be an absolutely stupid decision," Putin told the Eastern Economic Forum in the Pacific port city of Vladivostok.

"We will not supply anything at all if it is contrary to our interests, in this case economic (interests)," he said. "No gas, no oil, no coal, no fuel oil, nothing." 

In his turn, Energy Minister Nikolay Shulginov confirmed that Russia refuses to supply any country with natural gas and oil below market price, rejecting the "price cap" idea floated by EU officials as an attempt to force a "cartel deal" on Moscow. The schemed plan is to push soaring energy prices even higher, Shulginov believes, suggesting that the EU leadership does not fully realize what it is doing, “They are no longer aware of what they are doing. Only making it worse for themselves."

  • Russia
  • Alexander Novak
  • Price cap
  • Russian oil

Most Read

Almost instantly after the Helsinki Accords were signed, organisations sprouted to document purported violations, whose findings were fed to overseas embassies for international amplification. (Al Mayadeen English; Illustrated by Zeinab el-Hajj)

How ‘Human Rights’ became a Western weapon

  • Opinion
  • 23 Aug 2025
Israeli soldiers stand on the top of armoured vehicles parked on an area near the Israeli-Gaza border, as seen from southern Israel, Wednesday, Aug. 20, 2025 (AP)

Palestinian fighters target Israeli soldiers, vehicles in Gaza

  • Politics
  • 21 Aug 2025
Launch of a ballistic missile from Yemen toward the occupied Palestinian territories. (YAF military media)

Yemeni Forces announce firing hypersonic missile at Al-Lydd Airport

  • Politics
  • 22 Aug 2025
The ‘Arab Façade’ for Israeli occupation in Gaza

The ‘Arab Façade’ for Israeli occupation in Gaza

  • Opinion
  • 23 Aug 2025

Coverage

All
The Ummah's Martyrs

Read Next

All
A scene showing an al-Qassam Brigades fighter during an ambush on July 7, 2025, in a video released by the al-Qassam Brigades on August 26, 2025 (al-Qassam Brigades Military Media)
Politics

Al-Qassam reveals Beit Hanoun ambush targeting Israeli forces

A Palestinian youth stands on a hill overlooking IsraelI Ofer Prison, near the West Bank city of Ramallah, Wednesday, July 3, 2024. (AP)
Politics

77 Palestinian prisoners killed in Israeli prisons since October 7

US Ambassador to Turkey and Special Envoy to Syria Tom Barrack speaks during a joint press conference with US deputy special envoy for Middle East peace Morgan Ortagus at the presidential palace in Baabda, Lebanon, Tuesday, August 26, 2025 (AP)
Politics

US envoy Barrack calls Lebanese journalists 'animalistic"'

Tom Barrack's imperial tantrum in Beirut: When entitlement speaks (Photo by Mahdi Rtail)
Politics

Tom Barrack's imperial tantrum in Beirut: When entitlement speaks

Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • x
  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS