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 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 shipping, insurance and re-insurance companies from handling cargoes of Russian crude above the cap, is an attempt to punish Putin for the Ukraine conflict.
