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Russia to maintain oil production despite sanctions


Russia to maintain oil production despite sanctions

Moscow, Feb 3 (Prensa Latina) Russian Energy Minister Nikolai Shulguinov said that even if the European Union embargo on Russian oil comes into force, Russia will maintain its production levels.

Shulguinov pointed out that when the sanctions on Russian crude come into force on February 5th, then the steps to follow will be studied, although he considered that this will not be a reason for a drastic reduction in fuel production.

The minister also added that the possibility of postponing refinery repairs due to this is not being contemplated either.

EU measures against maritime oil shipments from Russia were launched on December 5th, 2022.

The Group of Seven countries, the EU and Australia imposed a maximum price of $60 per barrel on Russian oil supplied by sea.

Similar restrictions on the supply of oil products from Russia will come into effect from February 5th, 2023, but the cap is yet unknown.


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