Russia will not export oil that is subject a Western-imposed price cap even if Moscow has to accept a drop in oil production, President Vladimir Putin's point man on energy said on December 4. "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 destabilize the market," Russian Deputy Prime Minister Aleksandr Novak said. On December 4, Group of Seven countries and Australia agreed a $60-per-barrel price cap on Russian seaborne crude oil in a move to deprive President Vladimir Putin of revenue while keeping Russian oil flowing to global markets. To read the original story by Reuters, click here.
Editors' Picks
RFE/RL has been declared an "undesirable organization" by the Russian government.
If you are in Russia or the Russia-controlled parts of Ukraine and hold a Russian passport or are a stateless person residing permanently in Russia or the Russia-controlled parts of Ukraine, please note that you could face fines or imprisonment for sharing, liking, commenting on, or saving our content, or for contacting us.
To find out more, click here.