Russia criticizes introduction of price cap for Russian oil

The Russian Embassy in the United States has claimed that agreeing on a "price cap" for the supply of Russian oil means "redrawing the basic principles of the functioning of free markets."

Source: Facebook page of the Embassy of Russia in the United States

Quote by the Russian Embassy: "Steps like these will inevitably result in increasing uncertainty and imposing higher costs for consumers of raw materials. Moreover, from now no country is immune from the introduction of all sorts of ‘caps’ on its exports for political reasons". 

The comment went on to say that the U.S. government, while "hiding behind noble slogans of ensuring energy security for developing countries," is silent about the fact that "current imbalances on the energy markets stem from their ill-conceived actions." "First of all, [these include] the introduction of sanctions and bans on energy imports from Russia," the Russian Embassy emphasised.

The Russians have expressed confidence that "regardless of the current flirtations with this dangerous and illegitimate instrument, we are confident that Russian oil will continue to be in demand."

On 2 December, after the 27 member states of the European Union, the members of the G7, as well as Australia had reached an agreement (together with the Price Cap Coalition), a price cap was imposed on the oil delivered by sea from the Russian Federation. The price cap was set at US$60 per barrel.

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