“We are working on mechanisms to prohibit the use of a price ceiling, regardless of the specified level, because such interference can further destabilize the market,” Novak said.
He added that Russia will not operate under a price cap, even if it is forced to cut production.
The Group of Seven countries and Australia agreed, on Friday, to cap the price of a barrel of Russian crude oil transported by sea at $ 60, in a move aimed at depriving President Vladimir Putin of revenue while maintaining the flow of Russian oil to global markets.
Ukrainian President Volodymyr Zelensky said on Saturday that setting the G7 countries and Australia as a maximum price for Russian seaborne oil at $60 is not a serious decision and will not contribute much to deter Russia from its war in Ukraine.
The European Union’s approval of the maximum price of a barrel of Russian oil transported by sea came after all the countries of the bloc agreed on the decision, which Russia warned that it might push it to prevent the export of oil to any country that agrees to it.
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