(CNN) – Russian Deputy Prime Minister Alexander Novak warned on Monday that his country “does not plan” to supply oil or its products to countries that will cap the price of Moscow’s oil exports, according to Russian state media.
Novak said that if such a limit were imposed, Russia would “redirect its exports to market partners or reduce production”.
And the foreign ministers of the Group of Seven countries announced in a joint statement earlier this month that they would “end the application of the price cap for Russian oil transported by sea in the coming weeks”.
Earlier, US Secretary of State Antony Blinken defended the G7 capping Russian oil prices.
“(Russia) wants to sell energy to finance the war against Ukraine, but at least put a cap on what causes the negatives of Russia to continue to sell less energy, making sure that energy continues to stay on the market, he said.
Blinken downplayed fears such a mechanism would backfire and push gas prices higher amid Kremlin threats to halt oil sales to countries that would cap.
Britain has passed legislation preventing countries from using its services to transport Russian oil unless it is bought at or below the maximum price offered since Dec. 5, according to a statement from the UK Treasury.
According to the Russian news agency “Tass”, Novak indicated that the application of a maximum price for energy resources, as well as the “politicization” of this sector, “can only lead to shortages and supply problems”.
