Mikhelson told how Novatek got rid of the risks of an oil embargo

MOSCOW, 13 Oct – PRIME. Novatek has found new markets for its European oil supplies, and thus removed all the risks associated with the start of the EU oil embargo, CEO Leonid Mikhelson told reporters at a briefing as part of the Russian Energy Week.

“Since we are small oil producers, small in terms of the volume of some products, we have resolved market issues in recent months. And everything that goes to Europe, we have removed these risks from ourselves,” Mikhelson said, answering a question about upcoming the timing of the start of EU sanctions against oil and oil products from Russia.

In September, Mikhelson said that Novatek was reducing sales of petroleum products in the European market and “taking” these volumes to other markets, selling them there in currencies other than the dollar, in particular, in yuan.

On October 6, the European Union officially published a new package of sanctions against Russia. The restrictions come into effect on October 7th. The document, among other things, contains the basis for determining the price ceiling for Russian oil for its transportation by sea. At the same time, transportation of fuel above this price is prohibited. It will come into effect on December 5th. The ban on the supply of oil products more expensive than the established level will take effect from February 5.

Also on December 5 and February 5, the EU embargo on imports of marine transport oil and petroleum products to Europe, respectively, will come into effect.

Russian Energy Week takes place in Moscow from 12 to 14 October. RIA Novosti acts as an information partner of the forum.