Russia to Embargo Countries in Support of Cap on Its Oil Prices | News [Video]

“To those companies or countries that impose restrictions, we will not supply our oil and oil products, because we will not work on non-market conditions,” Deputy Prime Minister Alexander Novak said about a price cap on Russian oil proposed by Washington. 

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On Friday, G7 finance ministers will meet to discuss setting a price cap on Russian oil, which would mean a reduction in Russia’s oil export revenues. 

In this respect, the Russian diplomat said that the move would destabilize the oil industry and the oil market, as it poses a threat to market mechanisms.   

Consumers in Europe and America “will be the first to pay for it,” Novak said, noting that they currently face high prices due to sanctions restrictions on Russia.