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Russia Won’t Supply Oil to Nations Introducing a Price Cap


Russia won’t supply crude or refined petroleum products to those companies and nations that introduce a price cap on Russian oil according to Russian Deputy Prime Minister Alexander Novak today.

  • "As far as price restrictions are concerned, if they impose restrictions on prices, we will simply not supply oil and petroleum products to such companies or states that impose restrictions as we will not work non-competitively," he said.
  • Novak referred to the price cap proposals as "completely absurd," and that the measure could completely destroy the global oil market.
  • He said "Interference in the market mechanisms of such an important industry as the oil industry, which is the most important in terms of ensuring the energy security of the whole world, such attempts will only destabilize the oil industry, the oil market."

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