The introduction of a cap on Russian oil sales prices, a measure being considered to punish Moscow for its offensive in Ukraine, would “destabilize” the black gold market, the Kremlin warned Friday.
“We can say one thing with certainty: the adoption of such a decision would lead to a significant destabilization of oil markets,” Kremlin spokesman Dmitry Peskov told reporters.
This warning comes at a time when several countries have been calling for weeks to limit the sale price of Russian oil to undermine the windfall that allows Moscow to finance, in particular, its military intervention in Ukraine.
At the end of June, the G7 leaders agreed to work on a cap on the price of Russian oil.
Russia’s Deputy Prime Minister in charge of energy issues, Alexander Novak, warned on Thursday that Russia would no longer sell oil to price-capping countries.
“As far as price restrictions are concerned, (…) we will simply not deliver any more oil or oil products to companies or countries that impose such restrictions,” he warned, quoted by Russian news agencies.
A cap would be “completely absurd” and would cause a destabilization of the market of which “European and American consumers would be the first to pay the price”, he estimated.
Since the beginning of the Russian offensive against Ukraine in late February, Western countries have imposed several rounds of sanctions against Moscow.
In June, the European Union adopted a progressive embargo on Russian oil, which includes the cessation of crude oil imports by ship within six months.
