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Russia will not supply oil to countries setting price cap — Deputy PM

It was reported earlier the Group of Seven member-states are discussing the price cap for Russian oil but no specific agreement has been achieved so far

VIENNA, October 5. /TASS/. Russia does not intend to supply oil to consumers using the oil price cap, Deputy Prime Minister Alexander Novak told reporters on Wednesday.

"We are against such nonmarket instruments; such precedents are very harmful for the energy market. This leads only to a deficit, to a price hike; consumers will pay for that, if they want to introduce such a mechanism," the official said.

"It is not feasible for us to support deliveries if such a tool is introduced to consumers that will use the price cap. We will supply oil only to those supporting market-based pricing mechanisms," Novak noted.

It was reported earlier the Group of Seven member-states are discussing the price cap for Russian oil but no specific agreement has been achieved so far.

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Alexander Novak

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