Russia Warns It Will Cut Oil Supplies to Countries Enforcing Price Ceilings

Russian Deputy Foreign Minister Andrei Rudenko has unequivocally stated that Russia will not supply oil under any circumstances to countries that impose ‘price ceilings’ on Russian oil. Rudenko described Japan’s price cap as an “anti-market and provocative step that disrupts the supply chain.” He emphasized, “Currently, the energy market is highly unstable, with shortages and rising prices. Under such circumstances, Russia will not sell oil to those taking provocative actions that threaten our national economic interests.”

According to Deputy Foreign Minister Rudenko, the restrictions imposed by Japan and other Western countries add further challenges to global energy security. He indicated that if any country officially appeals for oil supplies, Russia will consider its relations with those countries and its economic interests before making any decisions. Amid ongoing conflicts in West Asia and the closure of the Strait of Hormuz, global fuel prices are under pressure to exceed 2 euros per liter. Russia’s warning has thus introduced additional turbulence to the global economy.