Western sanctions cause energy price hikes, supply disruptions: Russian energy minister

MOSCOW -- The unilateral restrictions that Western countries have imposed against Russia have caused energy supply disruptions and energy price hikes around the world, Russian Energy Minister Nikolai Shulginov said on Friday.

During a G20 energy transition ministerial meeting on Friday, Shulginov said the current energy crisis had impeded the achievement of the sustainable development goals, particularly when it comes to ensuring access to affordable and reliable energy for all.

Shulginov noted that it would only be possible to overcome the crisis by eliminating its root causes, and this would require restoring energy supply chains, and establishing a balanced energy and climate policy.

The Group of Seven (G7) finance ministers agreed to impose a price cap on Russian oil following a meeting on Friday.

Russian Deputy Prime Minister Alexander Novak on Thursday called the G7's plan to introduce a price cap on Russian oil completely absurd.

Novak said Russia would not supply oil and petroleum products to those countries that support price caps on Russian oil, as Russia does not plan to supply oil under non-market conditions.