Russia does not accept price cap on oil

Dmitry Peskov, the press secretary of the President of the Russian Federation, has said that Moscow will not accept a price cap on oil.

Source: Russian state-owned news outlet TASS 

Quote: "Now we are analysing [the question]. Certain preparations have been made for such a cap. We will not accept this cap, but we will announce how the work will be organised after we have finished the analysis, which will be carried out quickly," said the representative of the Kremlin, commenting on the decision to impose a price cap.

Previously: After an agreement was reached between the 27 member states of the European Union, members of the Group of Seven (G7) and Australia [together they form the Price Cap Coalition], a price cap of USD$60 a barrel was set for oil shipped by sea from the Russian Federation.

Background: The European Union agreed to put a price cap on Russian oil at $60 a barrel, paving the way for a wider Group of Seven deal.

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