Russian Deputy Prime Minister Alexander Novak said the country would not export oil under a price cap, even if Moscow has to cut production
Russian Deputy Prime Minister Alexander Novak said on Sunday the move by the West was a gross interference which contradicted the rules of free trade and would destabilise global energy markets by triggering a shortage of supply.
"We will sell oil and petroleum products only to those countries that will work with us under market conditions, even if we have to reduce production a little," he added. Urals blend , was trading at around $61.3 per barrel - just over one dollar above the cap level. Brent crude futures closed at $85.57 per barrel on Friday.
A source who asked not to be identified due to the sensitivity of the situation told Reuters that a decree was being prepared to prohibit Russian companies and traders from interacting with countries and companies guided by the cap.
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