Novak: Russia not to sell oil under price cap

Novak: Russia not to sell oil under price cap

Russia will not export its oil under the price cap, even if it has to cut production, Russian Deputy Prime Minister Alexander Novak said on Sunday.

"We will sell oil and oil products to those countries, which will work with us on market conditions, even if we have to somewhat cut production," he said.

"I would like to stress it once again, our position is unchanged and the Russian president has said that. The government has repeatedly said that it is a non-market, inefficient instrument, which is interfering into market tools and runs counter to all the rules of the World Trade Organization (WTO)," he added.

Russia’s government is looking at a mechanism to ban oil trade under price cap conditions. "We are not going to use instruments linked with the price cap. We are now looking at mechanisms to ban the use of the price cap instrument, regardless of the limit it sets," he said.