Oil

Russia Deputy PM Novak: EU price cap exemptions show our oil is still in demand

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Russian Deputy Prime Minister Alexander Novak said on Wednesday that European Union moves to add what he called “exemptions” to its price cap on oil products showed that Russian oil was still in demand.

“Yesterday we saw another change to the European Union’s regulations, the exemptions,” he said in comments shared by the state-run TASS news agency.

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“This once again emphasizes that our oil products are in demand in Europe, once European politicians indicated that their actions defy any logic and they take such decisions and think how to get out of this situation,” he said.

The European Union said last week it agreed to set price caps on Russian refined oil products to limit Moscow’s funds for its invasion of Ukraine.

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