Oil price cap proposal: Russia warns West of dire repercussions
Russian foreign ministry spokeswoman Maria Zakharova
Russia on Wednesday hit out at European Union and larger western efforts to introduce a cap on the price of the Russian oil. The Russian foreign ministry said that the country will not supply oil to countries imposing a price cap.
Russian foreign ministry added that the proposal was an "anti-market" one and it would disrupt supply chains and worsen the situation on global energy markets.
"We have repeatedly said that the introduction of the so-called ceiling on Russian oil prices is not just a non-market mechanism, it is an anti-market measure," Russian foreign ministry spokeswoman Maria Zakharova said.
"Russia will not supply oil to countries that back this anti-Russian confrontational initiative. It is anti-Russian, but the repercussions will be disastrous for everyone," Zakharova added, reiterating what Russian Deputy Prime Minister Alexander Novak had asserted earlier.
ALSO READ -Avoid division in ranks, impose price cap on Russian oil: Zelensky to Europe
Earlier, Russian Deputy Prime Minister Alexander Novak had said that Russia will not supply oil to countries under the terms of the price cap, even if it would be more profitable. "This is generally unacceptable from the point of view of concluding contracts. We will work according to the market (conditions)," he had said.
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WATCH -G7: Price cap per barrel under discussion, to be introduced in December
The G7 finance ministers have stated their intention to impose a price cap on Russian oil.
The price cap ruling is likely to go into effect on December 5, Russian news agency TASS reported.
Last week, the European Commission recommended capping Russian oil prices at $65-70 per barrel, which Poland and the Baltic countries opposed. Greece, Cyprus, and Malta, all of which rely on tanker traffic, want a bigger cap or some type of compensation.
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