Oil product tankers sail alongside Nakhodka Bay close to the port metropolis of Nakhodka, Russia August 12, 2022. REUTERS/Tatiana Meel

MOSCOW, Sept 2 (Reuters) – The Kremlin mentioned on Friday that Russia would cease promoting oil to nations that impose value caps on Russia’s vitality assets – caps that Moscow mentioned would result in important destabilisation of the worldwide oil market.

“Firms that impose a value cap is not going to be among the many recipients of Russian oil,” Kremlin spokesman Dmitry Peskov informed reporters in a convention name, endorsing feedback made on Thursday by Deputy Prime Minister Alexander Novak. learn extra

“We merely is not going to cooperate with them on non-market rules,” Peskov mentioned.

Group of Seven (G7) finance ministers had been as a consequence of meet nearly on Friday and had been anticipated to agency up plans to impose a value cap on Russian oil purchases with the goal of lowering the revenues flowing to Moscow. learn extra

The European Union earlier this 12 months imposed a partial ban on Russian oil purchases, which Brussels says will halt 90% of Russia’s exports to the 27-member bloc when it totally comes into drive.

European Fee head Ursula von der Leyen mentioned on Friday it was time for the EU to think about an identical value cap on Russian fuel purchases.

Peskov mentioned it was European residents who had been paying the value for such strikes, imposed in response to Moscow’s navy marketing campaign in Ukraine.

“Vitality markets are at fever pitch. That is primarily in Europe, the place anti-Russian measures have led to a scenario the place Europe is shopping for liquefied pure fuel (LNG) from the US for some huge cash – unjustified cash. U.S. corporations are getting richer and European taxpayers are getting poorer,” Peskov mentioned.

Russia was finding out how a value ceiling on its oil exports may have an effect on its financial system, Peskov mentioned.

“One factor might be mentioned with confidence: such a transfer will result in a big destabilisation of the oil markets.”

Earlier than Russia despatched tens of 1000’s of troops into Ukraine in February, Europe was the vacation spot for nearly half of Russia’s crude and petroleum product exports, in response to the Worldwide Vitality Company.

The bloc imported 2.2 million barrels per day (bpd) of crude, 1.2 million bpd of refined merchandise and 0.5m bpd of diesel in 2021, with Germany, Poland and the Netherlands the most important clients. learn extra

Reporting by Reuters; Enhancing by Kevin Liffey

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