Russia won’t sell oil at the $60 price limit agreed by the EU and G7 nations, Deputy Prime Minister Alexander Novak said on Sunday. Novak added that Moscow is “working on mechanisms” to bypass the price cap.
The EU agreed to cap the price of seaborne Russian oil at $60 per barrel or at least 5% below market rates, the EU Council announced on Saturday. The rest of the G7 states and Australia made a similar announcement on Friday, stating that they too would refuse to handle Russian oil above $60 per barrel.
Russia has repeatedly insisted that it will not supply oil to countries honoring this price ceiling.
“We will sell oil and oil products only to countries that will work with us on market conditions, even if we would have to lower production,” he said on the Rossiya-24 TV channel on Sunday.