Russia to respond to oil price cap by shipping more to Asia – energy minister

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VLADIVOSTOK — Russia will respond to the Russian oil price cap by shipping more supplies to Asia, its Energy Minister Nikolai Shulginov told reporters at the Eastern Economic Forum in Vladivostok on Tuesday.

« Any action to impose a price cap will lead to a deficit in (the originator countries’) own markets and increase price volatility, » he said.

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Finance ministers from the United States, Germany, Italy, Japan, Britain, France and Canada gave the green light last week to the idea of ​​capping the price of Russian crude for reduce Moscow’s revenue in response to its invasion of Ukraine.

Before Russia sent tens of thousands of troops to Ukraine in February, about half of Russia’s exports of crude oil and petroleum products were destined for Europe, according to the International Energy Agency. (Reporting by Vladimir Soldatkin and Alexander Marrow; Editing by Tom Hogue and Muralikumar Anantharaman)


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