Russia will not supply oil to countries that decide to put a ceiling on the price of oil, the governor of the Central Bank of Russia, Elvira Nabiulina, said today during a briefing.
Nabiullina added that the G7 proposal, which aims to strip Russia of energy revenues in a bid to limit Moscow’s options to fund its military campaign in Ukraine, would also lead to a rise in international oil prices. .
“As I understand it, we will not supply oil to those countries that will impose such a cap, and our oil and oil products will be redirected to countries that are ready to cooperate with us,” Nabiullina said.
The cap plan, first floated by US Treasury Secretary Janet Yellen, could be set at half the Russian purchase price, although the final deal and price level have yet to be announced.