Japanese authority says to cap Sakhalin-1 oil price

TOKYO, Nov 25 (PRIME) -- The price caps will apply to all Russian oil, including that produced at the Sakhalin-1 project, the only exception will be Sakhalin-2 oil, Japanese Economy Minister Yasutoshi Nishimura told reporters on Friday.

“As for the price limits on Russian oil imports, we are at the stage of final agreement on their implementation starting from December 5. If implemented, these measures will apply to oil of Russian origin, including the project Sakhalin-1, purchased at prices above the established cap,” he said.

Nishimura also said that Japan "takes the position of excluding" the Sakhalin-2 project from the price cap.

“In the case of the Sakhalin-2 project crude oil is calculated together with other energy resources, and … execution of stable exports is imperative. Japan plans to present this position to other G7 states,” he said.

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