Russia, the world’s second-largest oil exporter, will not sell oil that is subject to a Western price cap even if it has to cut production, President Vladimir Putin’s point man on energy said.
The Group of Seven and Australia on Friday agreed to a $60 per barrel price cap on Russian seaborne crude oil after European Union members overcame resistance from Poland.
The move by the West to prohibit the shipping, insurance and reinsurance companies from handling cargoes of Russian crude above the cap, is an attempt to punish Putin for the Ukraine conflict.
