In reaction to a deal by Western countries aimed at curtailing a crucial source of funding for its conflict in Ukraine, Russia said in comments reported on Saturday that it would not accept a price ceiling on its oil and is considering how to retaliate.
The Group of Seven, the European Union, and Australia will declare a price ceiling on Friday, according to Kremlin spokesman Dmitry Peskov, according to the Russian state news agency TASS.
He was quoted by the RIA news agency as adding, ‘We will not accept this cap.’ He also said that Russia would quickly analyse the deal and then reply, according to RIA.
In tweets on social media on Saturday, Mikhail Ulyanov, Moscow’s envoy to international organisations in Vienna, reiterated Russia’s position that it will not supply oil to nations who adopt the cap.
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