‘Russia will not export oil subject to Western price cap’

MOSCOW: Russia will not export oil that is subject 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 on Sunday.
“We are working on mechanisms to prohibit the use of a price cap instrument, regardless of what level is set, because such interference could further destabilise the market,” Russian deputy Prime Minister Alexander Novak said.
Russia will not operate under a price cap, even if Moscow has to cut production, Novak said.
On Friday, G7 nations and Australia agreed a $60 per barrel price cap on Russian seaborne crude oil in a move to deprive President Vladimir Putin of revenue while keeping Russian oil flowing to global markets.

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