counter-measures by the start of March to the European Union's embargo on Russian oil products introduced last week. He said earlier on Wednesday that European Union moves to add what he called "exemptions" to its price cap on oil products showed that Russian oil was still in demand. Novak said European consumers would not be able to make do without Russian oil products.
"And without our oil products, there will actually be a large shortage and price increases," he told reporters.
Western countries also imposed a ban on purchases of
seaborne Russian oil in December and introduced a price cap of
$60 per barrel, which is still above the current price of
Russia's flagship Urals crude blend.
(Reporting by Olesya Astakhova; writing by Vladimir Soldatkin
Editing by Gareth Jones)
