Russia won't sell oil if price cap is introduced - Novak - Breaking The News

Russia won't sell oil if price cap is introduced - Novak

20 July

1 min read

EPA-EFE/ANATOLY MALTSEV

Russian Deputy Prime Minister Alexander Novak stated on Wednesday on Channel One that Moscow does not plan to sell its oil to the global markets should the price cap be introduced.

Novak asserted that in such a scenario the final cost of the crude would be lower than production costs, underlining that Russia "will not work at a loss."

The West is currently still in discussion over the matter, while Chinese officials previously warned that putting a price cap on the Russian crude is "complicated."

novak oil energy crisis

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