The Russian government threatened this Thursday to cut off the supply of oil to countries that decide to limit the price of that fuel.
“If they put restrictions on prices, we will simply not supply oil and oil products to companies or countries that impose restrictions,” said Russian Deputy Prime Minister Alexander Novak.
Novak believes that “interference” in the market mechanisms of the oil industry only destabilizes it.
According to the Kremlin insider, this will make European and North American consumers, who already pay dearly for oil, pay even higher prices.
On Wednesday, US Treasury Secretary Janet Yellen was optimistic after a meeting with her British counterpart, Nadim Zahawi, on the progress of the G7 negotiating teams to agree on a cap on the Russian oil prices.
Yellen believes this measure will reduce the income Putin “needs” to continue the war in Ukraine, reducing the pressure of energy prices on citizens.
Novak noted that countries such as China or India, where Russia has redirected part of its exports after the embargo agreed by the European Union a few months ago, do not support the idea of limiting oil prices.