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Russian Still Forming Price Cap Response

OIL

Russia is still working on its plans to respond to Western sanctions according to Kremlin Spokesman Dmitry Peskov.

  • "Analysis of the state of affairs in this area continues after the price cap decision was adopted. Relevant work and discussions are under way," Peskov said.
  • Deputy Prime Minister Alexander Novak said on Tuesday that Russia's response mechanism to the oil price cap would take effect in December.
  • Bloomberg reported that Russia was also considering setting a price floor for its international oil sales.

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