Moscow insists it will not comply with oil price cap  

The Nation  |  Dec 05, 2022

Moscow - Moscow insisted that it would not sell oil that is subject to a price limit agreed upon by the Group of 7 nations, even if it means cutting production, adding to questions over whether the plan, which goes into effect on Monday, will succeed in slowing Russia’s war effort in Ukraine. The Group of 7 nations on Friday agreed to cap the price of Russian crude at $60 a barrel, putting into place a complex, U.S.-backed plan to limit what Russia, the world’s second largest oil exporter, can charge for its oil exports. Supporters of the plan say it is likely to dent the Kremlin’s finances, while still keeping enough Russian crude on the market to avoid a global oil price shock. On Sunday, Russian Deputy Prime Minister Alexander Novak said the price cap would have a negative impact on the global market and would contradict World Trade Organization rules. He said that Russia was “working on mechanisms” to undermine enforcement of the cap, without elaborating. “We will sell oil and oil products only to countries that will work with us on market conditions.

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