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Russia To Launch Mechanism To Ban Oil Sales At Price Cap: Novak

OIL

Moscow plans to create and launch the mechanism banning Russian companies from selling oil to countries within the framework of the price cap by the end of 2022, Deputy Prime Minister Alexander Novak said.

  • "Yes, I am confident it will be done," he said when asked a corresponding question. "We are currently discussing, fine-tuning the decision, discussing it with companies," Novak added.
  • This means at least all EU/G7 states and Australia will be banned from receiving Russian oil exports.
  • Russia also expects December oil export sales will match November levels.

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