EC exceptions for fuel from Russia show that Russian oil products, crude needed in Europe - Novak

MOSCOW. Feb 8 (Interfax) - The exceptions that the European Commission made Tuesday for Russian fuel subject to the price cap underline that oil products and crude oil from Russia are needed in Europe, Deputy Prime Minister Alexander Novak said.

"As for the embargo on oil products and the price cap that was imposed [by EU and G7 countries], volumes for February have been allocated. We will, of course, watch how the situation develops in this regard in March. But more changes to the EU regulation were released yesterday - these are exceptions that once again stress that our oil products and oil are needed in Europe," Novak told reporters.

"This once again underlines that the actions of European politicians defy all logic. They primarily make decisions on the spur of the moment, and then think about how to extricate themselves from the situation," he said.

"Europe needs our energy resources. These exceptions are the legalization of the grey arrangements that have long been implemented due to the ineffective decisions of European politicians made back in 2022. We will watch how the situation developments, [but] I am confident that our industries will operate stably," Novak said.