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Russia determined not to sell energy resources to those who set price caps: Kremlin

  • Sun Online Desk
  • 28th November, 2022 02:34:05 PM
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Russia determined not to sell energy resources to those who set price caps: Kremlin

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Russia won't export oil and gas to those countries that choose to cap energy prices, as announced by Russian President Vladimir Putin in mid-October, but is monitoring the situation, Kremlin spokesman Dmitry Peskov said on Sunday.

"We base our actions on President Putin's statement that we will not trade in oil and oil products or gas with such countries [that introduce price caps]. So, this is our position for now," Peskov told the Moscow.Kremlin.Putin TV program.

However, Moscow is also keeping an eye on the discussions concerning the price ceiling.

"There are so many subtleties that we need to consider. So, following the course set by the president, we can quite confidently say that nobody in our country will shoot themselves in the foot. We have already learned to be reasonable and pursue our own interests only," Peskov said.

On Tuesday, the European Commission proposed a cap price that would kick in if the front-month price on the Dutch gas exchange TTF exceeds 275 euros ($286) for two weeks and if, at the same time, TTF prices are 58 euros higher than the liquefied natural gas global reference price for 10 consecutive trading days.

However, the EU energy ministers were divided over the proposal and failed to reach an agreement. They are expected to further discuss the Commission's proposal at their next meeting scheduled for December 13, according to Hungarian Foreign Minister Peter Szijjarto.

Western countries have been seeking ways to limit Russia's income from oil and gas exports since the country launched a military operation in Ukraine on February 24. In September, the G7 finance ministers confirmed their intention to impose a price cap on Russian oil and urged all nations to support the initiative. In October, the EU introduced its eighth package of sanctions against Moscow, which included a legislative basis for setting a price cap for maritime shipments of Russian oil to third countries.


Source: Sputnik