Alexander Novak: We regard the price cap on Russian oil and petroleum products as interference in market relations and continuation of the destructive energy policy of the collective West. It may not only provoke a decrease in investments in the oil sector and, consequently, an oil shortage, but can also be spread to other sectors of the global economy, with similar consequences, in the future.
One step Russia has taken to neutralise threats to the global oil market is a ban on direct or indirect reference to any illegitimate restrictions in the oil supply contracts.
Today we are marketing the entire amount of oil we produce, but, as it has previously been stated, we will not sell oil to those who directly or indirectly apply the price cap principle.
In this context, Russia will voluntarily reduce its oil production by 500,000 barrels per day in March. This will help balance market relations.
Our subsequent decisions will be based on the emerging market situation.