Russia refuses to sell oil at price cap, threatens to reduce production

Russia will not supply oil to those countries that maintain a price cap on Russian oil, said Russian Deputy Prime Minister Alexander Novak.

According to him, a corresponding presidential decree will be published soon.

"As part of this decree, there is a ban on the supply of oil and petroleum products to those countries and those legal entities that will require compliance with the price cap imposed by the European Union," Novak said.

Novak also noted that the Russian Federation is prepared for a partial reduction in oil production "by 500-700 thousand barrels per day."

The EU countries agreed on a regulated price cap on Russian oil delivered by sea at $60 per barrel.

  Russia, Oil