On Thursday, the Deputy Prime Minister of the Russian government, Alexander Novak, called the introduction of the price ceiling a “complete absurdity” that destabilizes the entire industry. According to him, Russia will not supply oil or oil products to countries that support the establishment of a price ceiling. The measure will take effect on December 5 for crude oil and on February 5 next year for refined petroleum products. These are the same dates when partial embargoes on the import of Russian oil and oil products into the EU will come into effect as part of the EU’s sixth sanctions package against Russia. Archive video: Diesel has become more expensive again: Motorists will pay almost 1.85 euros per liter! Gas stations on Svornost Street have such prices The G7 states already announced in June that they would consider capping Russian oil prices as another method of putting pressure on Russia for its aggression against Ukraine. Russia is one of the world’s largest oil exporters. US Treasury Secretary Janet Yellen said the measure would also help lower global energy prices. For this year, Russia could increase revenues from the sale of oil up to 337.5 billion dollars, which is 38 percent more than last year. This follows from a document of the Russian Ministry of Economy available to Reuters. The European Union would also like to cap the price of gas. Novak also stated that Russian companies are ready for the European Union’s December embargo on the import of Russian oil and that they can maintain production at the current level. According to the Deputy Prime Minister’s forecast, mining may amount to 520 to 525 million tons by the end of the year. Last year, Russia extracted 524 million tons of oil. 6.8 million tons of oil were imported into the Czech Republic last year, 10.8 percent more year-on-year. Half of it was imported from Russia, according to statistics from the Ministry of Industry and Trade. The second largest importer was Kazakhstan. The President of the European Commission (EC), Ursula von der Leyen, said today that the European Union should also cap the price of gas transported by pipeline from Russia in order to mitigate the effects of market manipulation by Russian President Vladimir Putin. Former Russian President Dmitry Medvedev responded to her words by announcing that Moscow would stop supplying gas to the Union in that case.