Novak: Contracting complete for oil supplies from Russia for export in February, oil companies not reporting any problems

MOSCOW. Jan 11 (Interfax) - Domestic oil companies have completed contracting for oil supplies from Russia for export in February, and they have not reported any problems amid the restrictions imposed by Western countries, Deputy Prime Minister Alexander Novak said during a government meeting with President Vladimir Putin.

"There are difficulties, of course. At the same time, though, the overall volumes of exports and supplies that we observed in December, starting from December 5, when the embargo came into effect on supplies to Europe and the price cap for shipping, insurance - we are in constant contact with the companies. Contracting for February is complete, and, in general, the companies today have not mentioned any problems regarding contracting," Novak said.

"Counterparties do occasionally require that contracts account for the situation associated with price caps. However, when concluding contracts, and accounting for your decree and the requirements for companies - despite the fact that it comes into effect on February 1 - we nevertheless tasked companies in both December and in January, and when contracting for February, with not strictly accounting for price caps in contracts, because this could be a risk in the future," Novak added.