Russia does not intend to supply oil to consumers using the oil price cap, Deputy Prime Minister Alexander Novak told reporters on Wednesday, TASS reports.
"We are against such nonmarket instruments; such precedents are very harmful for the energy market. This leads only to a deficit, to a price hike; consumers will pay for that, if they want to introduce such a mechanism," the official said.
"It is not feasible for us to support deliveries if such a tool is introduced to consumers that will use the price cap. We will supply oil only to those supporting market-based pricing mechanisms," Novak noted.
It was reported earlier the Group of Seven member-states are discussing the price cap for Russian oil but no specific agreement has been achieved so far.
