The Kremlin announced on Friday that Russia would cease exporting oil to nations that put price limitations on Russia’s energy resources, claiming that such caps would significantly destabilise the global oil market.
‘Companies that impose a price cap will not be among the recipients of Russian oil,’ Kremlin spokesperson Dmitry Peskov said in a conference call with reporters, echoing statements made by Deputy Prime Minister Alexander Novak on Thursday.
‘On non-market grounds, we simply will not cooperate with them,’ Peskov added.
The Group of Seven (G7) finance ministers were scheduled to meet virtually on Friday to finalise plans to impose a price restriction on Russian oil purchases in order to reduce income going to Moscow.
The European Union put a partial ban on Russian oil purchases earlier this year, which Brussels claims will halt 90% of Russia’s shipments to the 27-member union when completely implemented.