Kyiv: A Group of Seven (G7) price cap on Russian seaborne oil came into force on Monday as the West tries to limit Moscow’s ability to finance its war in Ukraine, though Russia has said it will not abide by the measure even if it has to cut production. “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 destabilise the market,” said Novak, the Russian government official in charge of its oil, gas, atomic energy and coal.
