Putin government comes up with big statement regarding the ‘price cap’ strategy against Russian oil, stating it will not sell oil to ‘supporting’ countries!

Western countries had imposed economic sanctions on Russia, nevertheless India was the only country which had bought oil from Russia which gradually witnessed an increased supply of oil.

The Russian Foreign Ministry has made it clear in its recent statement with readying for opposing the countries supporting the price cap on Russia’s oil due to Russian aggression on Ukraine.

The Russian Foreign Ministry said that Russia is clarifying once again that our country will not supply oil to any country that supports this price cap, and also said that the price cap on the oil of Western countries (PRICE CAP) ) is against the rules of the market being anti market and it will have a profound impact on the oil chain supply.

‘The proposal of the Price Cap is anti-market practice’

Maria Zakharova, spokeswoman for the Russian Foreign Ministry, says that the proposal is against the market, as well as it has many disadvantages. He further said that we will not sell oil to all those countries which will be in support of this price cap. The spokesperson only said that this price cap is completely against Russia.

Western countries preparing to impose price cap

Due to the war between Russia and Ukraine, which has been going on for several months, many major western countries are facing sanctions. This is the reason why western countries are now going to impose PRICE CAP on Russia. The G-7 group and the European Union are ready with this decision. The price of Russian oil will be fixed by this price cap (PRICE CAP), which might compel Russia to sell its oil accordingly.

Russia is adamant on its conditions

Whereas western countries try to implement it fast, Russia protests against it. According to the reports, it can be implemented before December 5 itsle. The reports also reveal that after the implementation of the price cap, the price of Russian oil will go up from 65 to 60 dollars per barrel. However, this report has yet to be officially confirmed.

India buys huge amount of oil from Russia

Western countries had imposed economic sanctions on Russia, but in such a situation India was the only country which had bought oil from Russia and gradually the supply of oil also increased. America has been objecting against it trying to persuade India not to buy oil from Russia, but India has loud and clear clarified it that we are concerned with the need of our citizens and according buy oil from wherever we can.