Russia will no longer supply oil to the world market if a price cap below production cost is imposed, the Russian Deputy Prime Minister said on Wednesday, Interfax reported.
"If these prices that they are talking about are lower than the cost of producing oil, then of course Russia will not ensure the supply of this oil to world markets. This means we are simply not going to work at a loss," Deputy Prime Minister Alexander Novak was quoted as telling Russian television on Wednesday.
Russian President Vladimir Putin told reporters earlier in the day that oil prices would skyrocket if a cap were imposed.
Brazil, China, India and some African and Middle Eastern countries have increased energy imports from Russia, which sells at deep discounts to global benchmarks because many European refiners have stopped buying Russian oil.
