Western countries' sanctions on Russian oil will not affect oil shipments for December or global demand for Russian oil, Russia’s Deputy Prime Minister Alexander Novak said on Friday.
In a news briefing in Samarkand, Uzbekistan, Novak said that Russia is fulfilling contracts for December shipment agreements and contracts that were made in October and early November.
'We do not expect a change in oil shipments for December. Contracts are being fulfilled,' he reiterated, adding that uncertainties in the post-December period mean that contracts negotiations for January are ongoing.
Nevertheless, he remains optimistic that global demand for Russian oil will continue.
While the US, UK, Australia, and Canada have stopped importing Russian oil due to the Ukraine conflict, the EU has agreed to cut off all seaborne crude oil supplies from Russia beginning Dec. 5.
Representatives from 27 EU member countries are also holding negotiations to determine the price cap that will take effect on Dec. 5 on Russian imports.
The European Union Commission proposed a $60 price cap per barrel on Thursday. However, countries such as Poland and some Baltic states, including Estonia and Lithuania, have pushed back on a $60 cap, arguing instead for a lower price.
The group is trying to come to a unanimous agreement before Monday.
Meanwhile, Russian officials stated that they will not sell oil to countries that will apply the price cap.
Reporting by Emre Gurkan Abay in Moscow
Writing by Ebru Sengul Cevrioglu
Anadolu Agency
energy@aa.com.tr