Moscow: On Dec 4, President Vladimir Putin’s point man on energy said that Russia would not sell oil that was subject to a Western price cap even if it has to cut production. Previously, the Group of Seven and Australia agreed to a $60 per barrel price cap on Russian seaborne crude oil. “We are working on mechanisms to prohibit the use of a price cap instrument, regardless of what level is set, because such interference could further destabilize the market,” said Russian Deputy Prime Minister Alexander Novak.
