Novak: Western embargo on Russian oil imports will push up energy prices

In an interview with Russia-24TV Channel, Deputy Prime Minister Alexander Novak spoke about the possible rise in the cost of oil in Europe. Such forecast sounded in connection with a complete ban on the supply of Russian oil products.

According to Novak, the Russian Federation also intends to issue a ban on the trade of its oil in the territory of countries that support the EU embargo.

Due to the new sanctions against Russian oil companies, supplies are now being made to countries in Latin America, Asia-Pacific and Africa.

 As you know, a complete ban on trade in Russian oil grades came into force on December 5. Now, Europe will not export oil products from Russia by sea. In addition, the G7 countries, as well as Australia, will not permit insurance cover for ships carrying Russia oil at a price above $60 per barrel.

The decision on the import embargo will be signed on February 5.

According to the President of the Russian Federation, the West's restrictions on the cost of energy are "an atavism of colonialism." V.V. Putin noted that the U.S., despite the production of oil, gas and other raw materials, has little reserves for the foreign market.