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Russia warns it will not sell oil under price cap

By Darryl Coote

Dec. 5 (UPI) — Russia is warning that it will not sell oil under a price cap, as democratic nations move to limit profits the Kremlin can reap from the sale of its energy commodity amid its war in Ukraine.

Russia Deputy Prime Minister Alexander Novak made the comment Sunday, a day before a European union embargo on seaborne shipments of Russian crude and a price cap of $60 a barrel goes into effect on Monday.

Novak’s comments also come after the Group of 7 nations on Friday announced that they along with Australia will enforce the same price cap on Russian-origin oil from Feb. 5, the same day that the EU’s embargo expands to refined petroleum products…

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