Siluanov announced his refusal to supply oil at prices set by the West

On principle, RUSSIA will not supply oil at prices set by the West. Finance Minister Anton Siluanov stated this in an interview with Asharq News.

“We will not supply oil under contracts that will indicate price restrictions offered by Western countries,” he said (quoted by RIA Novosti).

As Siluanov noted, Russia may have to cut production, but domestic companies are reorienting supplies from west to east and are looking for consumers in other countries.

In addition, the HEAD of the Russian Ministry of Finance said that if the oil price is below $70 per barrel, the National Wealth Fund (NWF) will not be replenished.

The EU, as well as the G7 countries and Australia, introduced a ceiling on oil prices from Russia at the level of $60 per barrel from December 5. On the same day, a partial embargo on the supply of Russian raw materials to the European Union came into force.

The fact that Russia will not supply oil with price restrictions was previously said by Deputy Prime Minister Alexander Novak. At the beginning of the year, the country may reduce production by 500-700 thousand barrels. per day, he said. At the same time, according to Novak, there is no one to replace the supply of energy resources from Russia.