Russia threatens to cut oil supply to countries that limit its prices

Latest news on the war between Russia and Ukraine

Latest news on the war between Russia and Ukraine

Sep. 1 () –

The Russian government has threatened to cut off oil supplies to those countries that decide to put a cap on the price of Russian crude, an idea that the United States plans to bring to the G7 this Friday.

“If they impose restrictions on prices, we will simply not supply oil and oil products to companies or countries that impose restrictions,” Russian Deputy Prime Minister Alexander Novak stressed in statements collected by the Tass agency.

The member of the Russian Executive considers that “interference” in the market mechanisms of the oil industry only destabilizes it. According to Novak, this will make European and US consumers, who are already paying a high price for crude, pay even higher prices.

This Wednesday, the Secretary of the Treasury, Janet Yellen, was optimistic after a meeting with her British counterpart, Nadim Zahawi, about the progress made by the G7 negotiating teams to agree on a limit on oil prices from Russia.

Yellen believes that this measure will reduce the income that Putin “needs” to continue the war in Ukraine while reducing the pressure of energy prices on citizens.

Novak has indicated that countries like China or India do not support the idea of ​​limiting oil prices, where Russia has redirected part of its exports after the embargo agreed by the European Union months ago.