Russia mulls banning oil supplies subject to Western price cap By Reuters

Commodities Week Ahead: Oil, Gold to Stay Volatile as Eyes Next on Fed’s Powell

Russia mulls banning oil supplies subject to Western price cap

Commodities Dec 04, 2022 13:25

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Russia mulls banning oil supplies subject to Western price cap

© Reuters. FILE PHOTO: Deputy Prime Minister of Russia Alexander Novak walks at the Organisation of the Petroleum Exporting Countries (OPEC) headquarters in Vienna, Austria October 5, 2022. REUTERS/Lisa Leutner

MOSCOW (Reuters) - Russia is working on the possibility of banning oil supplies subject to a Western-imposed price cap, Russian Deputy Prime Minister Alexander Novak said on Sunday.

"We are working on mechanisms to prohibit the use of a price cap instrument, regardless of what level is set, because such interference could further destabilise the market," Novak said.

Russia will not operate under a price cap, even if Moscow has to cut production, Novak said.

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Basha Anwer Dec 04, 2022 15:05

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