Latest news with #AlexanderNovak
United News of India
11 hours ago
- Business
- United News of India
EU price caps on Russian oil will not effect its supply volume: Russian Dy PM
St Petersburg, Jun 19 (UNI) Russian Deputy Prime Minister Alexander Novak on Thursday said that Europe's price caps on Russian oil will have no effect on its volumes of supply, adding that even the zero level of price ceiling will not affect them. Speaking to Business FM on the sidelines of SPIEF (St Petersburg International Economic Forum) 2025, Novak said "I assume that the introduction of the USD 60 ceiling had no influence. This means that even if zero (price ceiling) is introduced it will have no influence," reports Russian state media TASS. Currently, the G7 and EU countries (the price cap coalition) have banned imports of Russian crude oil and oil products, but allowed shipowners from their countries to transport them and provide brokerage and other services if the commodity is sold at a price that is no higher than the cap set by the coalition. The objective of the embargo and price cap is to limit Russian budget revenues from the sale of energy resources while maintaining a sufficient supply of crude and oil products on the world market. European Commission President Ursula von der Leyen confirmed on June 10 that the EC's proposal calls for the reduction of the price cap for Russian oil to USD 45 per barrel as part of the 18th package of sanctions against the country. However, Novak noted that it is not profitable for the European Union itself to lower the price ceiling to USD 45 per barrel. 'Now we supply more to our friendly jurisdictions than previously, though it is not related to the price ceiling, but to sanctions imposed on Russia by the EU, by the US, other unfriendly countries. I even think that it is not profitable for the European Union to lower prices, say, to $45," he explained. Novak added that none of the price ceilings implemented in the last few years have had any effect on Russian oil export.
Arab News
19 hours ago
- Business
- Arab News
OPEC+ has proven to be oil market's central bank, says Saudi energy minister
RIYADH: OPEC+ has proven to be the 'central bank' and regulator of the global oil market, providing much-needed stability, Saudi Arabia's energy minister said. Speaking at the annual St. Petersburg International Economic Forum in Russia, Prince Abdulaziz bin Salman praised the alliance's role in balancing oil markets amid global economic uncertainties. 'I would have to say that OPEC+ had proven to be an instrument that if it wasn't invented by us and Russia and our colleagues, it should have been invented a long time ago because this is what OPEC+ had achieved in terms of bringing stability to the market and had proven that it is the central bank and the regulator of oil markets,' the energy minister said. Prince Abdulaziz also highlighted the ongoing partnership between Saudi Arabia and Russia through the Saudi-Russian Joint Committee, noting plans for Russian Deputy Prime Minister Alexander Novak to visit the Kingdom later this year with a high-level business delegation. 'I'm looking forward to host Alexander — the co-chair of our joint committee — to Saudi Arabia this year, with the biggest, most sizable business community participation,' he said. Prince Abdulaziz emphasized that the collaboration seeks to deepen bilateral economic ties and foster diversified investment opportunities. 'We have a lot to showcase that bonding together. It will allow us to have a much more diversified relationship, and we are, as a government, working together to provide the right environment for those who want to invest in Saudi Arabia or in Russia or in any type or form of joint venturing that we should facilitate that and ensure that the investment environment is congenial for it to happen,' he added. The minister described the energy alliance as a flexible mechanism responsive to changing global conditions, reaffirming Saudi Arabia's commitment to cooperation with partners to maintain market stability. Acknowledging the challenges facing Russia, Prince Abdulaziz noted the Kingdom's support amid external restrictions. 'It's been a challenging time what Russia is going through, but we have shown a great deal of understanding of the situation, and we're trying to maneuver with the restrictions that are existing today,' he said. 'That has been the discharge of our leadership willingness to accommodate with this current situation and hopefully helping to support Russia in mitigating these exterior most daunting issues.' On whether Saudi Arabia and Russia would compensate for any loss of Iranian crude supplies, the minister stressed that such scenarios are hypothetical and that OPEC+ decisions are collective. 'You give me a question that is not evidently seen happening, I don't have an answer for you. Again, we only react to realities. But if anybody gives a question that is not relating to the reality today, I fail to see where we could predict things and how we would relate to it,' he said. The minister clarified that OPEC+ consists of 22 member states and is not dominated by Saudi Arabia and Russia alone. A core group of eight countries is tasked with engaging the full membership to ensure coordinated responses to market changes. 'To respond to a hypothetical question by giving a hypothetical answer, which none of us two here have the right to speak on behalf of everybody without knowing their opinion, is too much of an ask,' he added. He concluded by highlighting OPEC+'s reputation as a reliable and adaptive organization. 'What we know and what Alexander was saying just a while ago is that we have, as OPEC even before, an OPEC+ attending to so many circumstances since its first, it was in sequence, even inception, that we have been a reliable organization, a serious organization, an effective organization, and attentive to circumstances when they prevail,' he said.
Time of India
19 hours ago
- Business
- Time of India
Russia to keep shipping gas and oil to Hungary, Hungarian foreign minister says
Budapest: Russian gas and oil deliveries to Hungary will continue, Foreign Minister Peter Szijjarto said on Thursday during a visit to Russia where he held talks with Russian Deputy Prime Minister Alexander Novak and top Rosatom and Gazprom officials. The European Commission aims to ban EU Russian gas and liquefied natural gas (LNG) imports by the end of 2027, a move which Hungary and Slovakia have opposed. "Agreed with Russian officials and energy company leaders to maintain our cooperation, despite efforts by Brussels and Kyiv to undermine it. Oil deliveries continue, gas flows via TurkStream, Paks II (nuclear project) moving forward," Szijjarto posted on X.
Reuters
a day ago
- Business
- Reuters
Russia's Novak says no one has approached government about buying Nord Stream 2
ST PETERSBURG, June 19 (Reuters) - Russian Deputy Prime Minister Alexander Novak said on Thursday that no one has approached the Russian government about buying the Nord Stream 2 gas pipeline. The Wall Street Journal reported in November that an American investor, Stephen P. Lynch, was seeking to buy the pipeline under the Baltic Sea, which was damaged by mysterious blasts in 2022. The $11 billion Nord Stream 2 pipeline, set to carry Russian gas to Europe, was completed in 2021 but was never commissioned as relations with the West soured due to the onset of the conflict in Ukraine.
The National
a day ago
- Business
- The National
Russia not in economic crisis despite 'thousands of sanctions', Deputy PM says in response to western critics
As Russia hosts a major global business conference, Deputy Prime Minister Alexander Novak responded defiantly to western critics who say his country's economy has soured. 'There is no crisis in the Russian economy,' he told T he Nationa l at the St Petersburg International Economic Forum. 'That's despite thousands of sanctions.' His comments come as the US and EU prepare new sanctions that would put Russia's oil and gas sector directly in the crosshairs. 'We proceed from the fact that our economy and our business community will work under any sanctions they come up with,' Mr Novak said. If approved, the EU's latest package would cap Russian oil exports at $45 per barrel and ban transactions on the Nord Stream pipeline. It would also prohibit Russian banks and financial institutions from operating in third countries outside the EU, which the bloc says helps Russia to avoid sanctions. The European move comes after the US Senate pushed back plans to consider a bill to impose sanctions on Russia until July. 'Despite all the thousands of sanctions and desires, the Russian economy has shown growth rates above 4 per cent annually over the past two years, significantly higher than the global average,' Mr Novak said. But that growth is beginning to slow. In the first three months of this year, Russia's GDP grew 1.4 per cent year-on-year, according to the country's federal statistics service Rosstat. That is the smallest rise since the second quarter of 2023. It has also faced stubbornly high inflation. 'Today, as a result of high growth rates, our inflation rates have increased,' Mr Novak explained. 'Today we are in the so-called economic cooling management period in order to reduce inflation.' Mr Novak said the global economy was currently facing great challenges and uncertainty, including trade wars and geopolitics factors. 'The main trend that we are noting today is the shift of the centres of economic growth to the East, primarily to the Asia-Pacific region,' he said. 'Of course, this in turn is a factor that forces western countries to take inadequate measures [sanctions and trade wars] in order to maintain their status.' While the latest crisis in the Middle East may have propped up oil prices temporarily, Mr Novak said it was 'difficult to judge' how the market would respond. He added that the 'current situation in the Middle East is like a black swan for the global economy and we do not fully understand how it can end".
