CAIRO Dec 11 there is no oil from Russia yet, Saudi Energy Minister Prince Abdulaziz bin Salman said at a forum in Riyadh, his words are quoted by the Taqa portal. from Russia, there are no clear results of this measure yet. There is also no complete certainty that this will be implemented,» he stressed.
According to the minister, it is also necessary to take into account Moscow's reaction to such sanctions when considering the situation on world oil markets. He noted that these restrictive measures are used for political purposes and it is not yet clear whether they will be able to achieve a result.
Ben Salman pointed out a number of factors that will continue to influence the oil markets. Among them, in particular, are measures against COVID-19 in China.
Western oil sanctions came into force on December 5: the European Union stopped accepting Russian raw materials transported by sea, and the G7 countries, Australia and the EU have introduced a price cap for it in maritime transport at $60 per barrel. It is clarified that it is forbidden to transport and insure more expensive oil.
Russian Deputy Prime Minister Alexander Novak, commenting on this decision, said that Moscow would not accept a ceiling on oil prices, even if it had to cut production. He added that such restrictions mean interference with market instruments. According to him, Russia is ready to cooperate only with those consumers who will work on market conditions.