Novak Hails India's Decision Not To Support Cap On Russian Oil Prices - Government

Russian Deputy Prime Minister Alexander Novak welcomed India's decision not to support the price cap for Russian oil, the Russian government said.

MOSCOW (UrduPoint News / Sputnik - 09th December, 2022) Russian Deputy Prime Minister Alexander Novak welcomed India's decision not to support the price cap for Russian oil, the Russian government said.

"The Deputy Prime Minister welcomed India's decision not to maintain Russian oil price cap imposed on December 5 by the G7 countries and their allies," Novak said in a statement following a working meeting with Indian Ambassador to Russia Pavan Kapoor.

Novak also noted that Russia, even in a situation of an energy crisis, responsibly fulfillled its contractual obligations for the supply of energy resources, diversifying energy exports to the countries of the East and South.

"Imposing a cap on the price of Russian oil is an anti-market measure. It disrupts supply chains and can significantly complicate the situation in global energy markets. Such non-market mechanisms disrupt the international trading system as a whole and create a dangerous precedent in the energy market. As a result, the problem of energy poverty is exacerbated not only in the developing world, but also in the developed countries of Europe," Novak said.