Russia will not supply oil and gas at a loss, Shulginov said

PETROPAVLOVSK-KAMCHATSKY, Sep 11 — PRIME. Russia will not supply oil and gas at a loss or below their cost, Russian Energy Minister Nikolai Shulginov commented on the idea of ​​Western countries to limit prices for Russian energy resources.

“We definitely won’t sell ourselves at a loss or below cost. It’s impossible. This is some kind of cartel against us. We definitely won’t allow such an attitude towards us,” Shulginov answered a question about the discussion of setting a price ceiling for Russian oil and gas in an interview with Pavel Zarubin in the Moscow. Kremlin. Putin program on the Rossiya 1 TV channel.

The leaders of the G7 countries (Great Britain, Germany, Italy, Canada, the USA, France and Japan) at the summit on June 26-28 confirmed their intention to reduce dependence on energy from Russia and tentatively agreed to start limiting prices for Russian oil and gas. In September, they confirmed their intention to cap oil prices as part of the expansion of sanctions. It is planned that the price limit will be introduced on December 5 for oil and on February 5, 2023 for oil products.

Russian representatives warned in response that the countries that would apply the limits would be left without Russian oil exports. The level of the marginal price for Russian oil has not yet been approved. At the beginning of June there were proposals to set the limit at half the current price. According to Bloomberg, figures of $40-60 are being discussed.

Later, Russian President Vladimir Putin, commenting on the West’s idea to limit prices for Russian energy resources, said that Russia would not supply anything abroad if it would be contrary to its own interests.