Russia will not export oil subject to a Western-imposed price cap, even if Moscow has to accept a drop in oil production, President Vladimir Putin’s point man on energy said Sunday.
“We are working on mechanisms to prohibit the use of a price cap instrument, regardless of the level that is set, because such interference could further destabilize the market,” Russian Deputy Prime Minister said. Alexander Novak.
Russia will not operate under a price cap, even if Moscow has to cut productionNovak said.
On Friday, the G7 countries and Australia agreed to a price cap of $60 a barrel for seaborne Russian crude, aimed at depriving President Vladimir Putin of revenue and keeping Russian oil flowing on world markets.
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