Oil to be above $400 if price cap is introduced - Medvedev

Tuesday, 05. July 2022 11:05

Russian Security Council deputy chairman Dmitry Medvedev stated on his Telegram account on Tuesday that should Japan's proposal for the price cap on Russian oil be adopted, the price of crude could soar above $300-400 per barrel.

"There will be significantly less oil on the market, and its price will be much higher," Medvedev underlined. Furthermore, he asserted that Japan "would have neither oil nor gas from Russia, as well as no participation in the Sakhalin-2 LNG project" if the measure were to be introduced.

Japan earlier said that it plans to defend its interests in the Sakhalin-2 project after Russian President Vladimir Putin issued a decree by which the ownership of the project is to be exclusively transferred to a limited liability company formed by Moscow.

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Baha Breaking News (BBN) / AY