Russia warns it will not sell oil to price cap countries

RUSSIA / FSU POLITICS - In Brief 23 Dec 2022 by Alex Teddy
On December 23 Putin said that next week he shall announce Russia's reaction to the USD 60 per barrel price cap imposed earlier in December 2022 by the EU, the G7 and Australia.  The Deputy Prime Minister said that Russia would outlaw oil sales to price cap nations. He said that Russia might need to cut production by 6%, which is about 600,000 barrels per day. The price cap is intended to reduce Russian revenue and therefore, its ability to finance the war. The price cap still allows Russia some profit from oil and thereby incentivizes continuing production. The price cap is supposed to be 5% or more below world prices. The price cap is subject to review in January 2023. There is some skepticism even among Russia's critics that the price cap will be sustainable.

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