Russian Deputy Prime Minister Aleksandr Novak stated that Western countries’ sanctions on Russian oil will not affect oil shipments for December, saying: “Contract negotiations for January continue. “There is a lot of uncertainty in the market, but there is a global demand for our oil and we believe that this demand will continue,” he said.

EU countries have reached a preliminary agreement on a maximum price of $60 a barrel for Russian oil exported by sea. According to the information provided by diplomats and the document seen by Reuters, the system includes a regulation window that keeps the ceiling price 5 percent below the market price.

‘CONTRACTS ARE FULFILLED’

Assessing the new European Union (EU) sanctions on Russian oil that will take effect on December 5 and the possible application of the price cap, Novak said: “The December shipment agreements and contracts were made in early October. and november. Therefore, we do not expect a range change (in oil shipments). The contracts are being fulfilled, ”he said.

While countries like the US, England, Australia and Canada stopped importing Russian oil due to the war in Ukraine, the EU decided to completely cut Russian crude supplies before December 5th.

In this process, where Western countries are expected to impose a price cap on Russian oil, sanctions will be imposed on the purchase of oil from Russia above the price cap to be determined. Russian officials had previously announced that they would not sell oil to countries that would participate in the price cap application. (REUTERS, AA)