Russia to restrict oil supply to EU states implementing price cap
2 Min Read
A price cap on Russian oil is an extension of Western sanctions, which will face a retaliatory measure.
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Oil refinery against a sunset. (Getty Images)
On Monday, Kremlin spokesman Dmitry Peskov noted that Russian oil supplies to the European Union will be restricted only as a response to the Western sanctions waged against the country.
Last Friday, finance miinisters of the G7 confirmed that they intend to impose price caps on Russian oil as an expansion of the sanctions against Russia.
Read next: Experts: price cap on Russian oil to further aggravate energy crisis
As a reaction to such a decision, Russia asserted that it will stop exporting Russian oil to European states that are applying the decision.
"Of course, this can only be a retaliatory measure," Peskov told journalists.
The price ceiling, which Western leaders agreed on in principle in June, would limit the number of money refiners and merchants could pay for Russian oil. The measure is intended to reduce the Kremlin's earnings while keeping Russian oil on the market in order to avert a price upsurge.
Karine Jean-Pierre, the White House spokesperson, Russia is already trading oil at large discounts.
Prices all over Europe have been inflated by almost 400% due to the restricted gas flow from Russia, with expectations that they increase further after Moscow went back on its decision to continue pumping gas through Nord Stream 1 to Germany due to maintenance issues.
Thirteen EU nations have either ceased getting Russian gas entirely or are only receiving a portion of it due to the temporary blockage of the Nord Stream pipeline 1, the Russian TASS news agency reported last week.
Russia has underlined several times that it was not weaponizing energy and that the Western sanctions on it, as well as technical difficulties due to said sanctions, have been restricting the flow of gas and oil. Meanwhile, the sanctioning parties - essentially countries most damaged by the self-imposed sanctions - have been accusing Moscow of weaponizing its resources.
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