Russia’s Deputy Prime Minister Alexander Novak said that Moscow will ban exports of oil and other petroleum products to countries that impose a cap on the price of Russian crude.
Novak made the remarks to reporters in Moscow on Sept. 1, according to Russian state media Tass, which came as Western powers were preparing to meet on Sept. 2 to agree on a Russian oil price cap.
“We will simply not supply oil and petroleum products to such companies or states that impose restrictions, as we will not work non-competitively,” Novak said, while denouncing the price cap as “completely absurd.”
“It will completely destroy the market,” Novak continued, arguing that interference in market mechanisms in a key commodity like oil would have a destabilizing impact on energy security in countries across the world….