Price cap to ship more Russian oil to Asia – Russian energy minister

Russian energy minister Nikolay Shulginov announced the country will ship more oil to Asia due to price caps on its oil exports, Reuters reported on Tuesday.

“Any actions to impose a price cap will lead to deficit on initiating countries’ own markets and will increase price volatility,” he said to reporters at the Eastern Economic Forum in Vladivostok.

Last week, the G-7 economic powers agreed to control the price of Russian crude to punish Russia for its war on Ukraine.

The International Energy Agency showcased that, before this war Russia exported nearly half of its crude and petroleum product exports to Europe.