Russian Deputy Prime Minister Oleksandr Novak said on Thursday that the country will not supply oil and oil products to countries that support the idea of price caps. This is reported by UP.
Novak called the price restrictions on Russian oil "complete absurdity" and interference in market mechanisms, for which "European and American consumers will pay first."
"We are simply for such companies or countries that will introduce restrictions, we will not supply them with oil and oil products, as we will not work on non-market conditions," he added.
Earlier, The Wall Street Journal, citing sources, reported that the finance ministers of the Group of Seven (G7) countries intend to approve a plan to cap Russian oil prices during a virtual meeting on Friday.
However, the G7 still has important disagreements with this proposal. Officials have different views on how many countries outside the G7 must agree to cap the price for it to work.
According to media reports, the G7 is seeking to implement a price cap mechanism for Russian oil exports by December 5, when European Union sanctions banning seaborne imports of Russian crude oil come into force.