Russia will not sell oil at a lower price cap, says President Putin


New Delhi: After the Group of Seven (G7) pledged to impose a price cap on Russian oil sold worldwide, President Vladimir Putin said on Wednesday that Moscow would not sell oil at a lower price cap. Putin stated during the Russian Energy Week 2022 event hosted by the Russian state media – RT: “I must say that Russia will not act against our advantage, we will not act to diminish our reputation by selling oil or gas at lower prices. No, we will not succumb to this. We will not play by the rules others set and we will not act against us.” Western countries are increasing their efforts to deprive Russia of its main source of income, ‘oil’.

As the conflict in Ukraine enters its eighth month with no end in sight, the West suspects the Kremlin is financing the invasion with profits from continued sales of fossil fuels, which make up more than 40% of its budget, according to Euronews. The G7 limit would prevent Russian cargoes from selling oil that exceed the G7 limit, which is still unknown. As a result, Russia would lose a significant portion of the oil revenues it would otherwise earn if the cap wasn’t there.

Also read:Russia-Ukraine war: G7 warns President Putin of ‘serious consequences’ in using nuclear weapons

According to the Russian central bank, crude oil exports will be worth €113 billion by 2021, in addition to the €70 billion earned from refined products such as petrol and diesel, according to Euronews.

Recently, Saudi Arabia and Russia, as leaders of the OPEC Plus energy cartel, agreed to make their first major production cut in more than two years to raise prices, against attempts by the US and Europe to cut Moscow’s huge revenue from sales. to cut off crude oil. President Biden and European leaders have pushed for increased oil production to lower gasoline prices and punish Russia for its aggression in Ukraine.





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