Russian Deputy Prime Minister for Fuel Energy Complex Alexander Novak insisted on Monday that the sanctions that many, mostly Western countries, introduced on Moscow amid its military campaign in Ukraine did not affect its oil exports. Speaking to the press during the Caucasus Investment Forum, Novak claimed that the export figures have not changed. He added that Russia rejected some countries' attempts to lower the ceiling on its oil price, stressing that such decisions negatively impact the market. Furthermore, Novak remarked that eight members of the enlarged Organization of the Petroleum Exporting Countries (OPEC+) that have confirmed considering increasing their production capacity in July have not yet discussed that move.

Novak: Russian oil exports stable despite sanctions

Russian Deputy Prime Minister Alexander Novak stated that sanctions imposed by Western countries on Moscow due to its Ukraine conflict have not impacted oil exports, with export figures remaining stable. He rejected attempts by some countries to lower the oil price ceiling, emphasizing negative market consequences. Eight OPEC+ members are considering increased production in July.