Russia will not supply oil to countries that impose price cap

Russia will not supply oil to countries that decide to impose a price cap on its oil, Russian Central Bank Governor Elvira Nabiullina told a briefing on Friday.

Nabiullina added that the proposal by G7 nations, aimed at stripping Russia of energy revenues in a bid to limit Moscow’s options for financing its military campaign in Ukraine, would also spur on global oil prices.

“As far as I understand, we won’t be supplying oil to those countries which would impose such a cap and our oil, oil products will be redirected to the countries which are ready to cooperate with us,” Nabiullina said.

The cap scheme, which was first mooted last month by U.S. Treasury Secretary Janet Yellen, could be set at half of the Russian purchasing price, yet the shape of the final deal and price level have yet to be announced.