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Russia's Deputy Prime Minister rejected a plan by G7 countries to cap Russian oil prices.
"To those companies or countries that impose restrictions, we will not supply our oil and oil products, because we will not work on non-market conditions," Deputy Prime Minister Alexander Novak said about a price cap on Russian oil proposed by Washington.
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On Friday, G7 finance ministers will meet to discuss setting a price cap on Russian oil, which would mean a reduction in Russia's oil export revenues.
In this respect, the Russian diplomat said that the move would destabilize the oil industry and the oil market, as it poses a threat to market mechanisms.
Consumers in Europe and America "will be the first to pay for it," Novak said, noting that they currently face high prices due to sanctions restrictions on Russia.
#Russia's Vice Prime Minister Alexander Novak:
— Maxim A. Suchkov (@m_suchkov) September 1, 2022
"RUS will stop supplies of oil & oil products to countries that introduce price cap on RUS oil...[The price cap] will only destabilize the oil industry & the market. Consumers from #EU,#US will ultimately pay the price for this move" pic.twitter.com/GwLAiovJGD
The Deputy Prime Minister also said that Russian oil production could increase in case global market conditions become stable and there are reliable buyers.
Russian oil producers aim to keep current production levels despite the European Union (EU) oil embargo scheduled for December, Novak added.
According to the official, Russia is supplying all the oil it is able to produce and sell at the moment.
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