7/22, 3:57 PM (Source: TeleTrader)
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Russia will not supply oil if price cap is implemented

Russian Central Bank Governor Elvira Nabiullina (pictured) said on Friday that Kremlin does not intend to supply its oil to the countries that put a price cap on Russian oil prices.

''As for geopolitics and a possible ceiling on oil export prices. I don't want to speculate whether this is real or unrealistic, but if it is introduced in one form or another, in my opinion, it will obviously lead to an increase in world prices. And as far as I understand, we will not supply oil to those countries that set this price limit,'' Nabiulina noted today after a meeting of the bank's Board of Directors.

The comment follows a recent Russian Deputy Prime Minister Alexander Novak's remark, who stressed that Moscow will not work at its loss as the price cap needs to be higher than the costs required for oil production.

Baha Breaking News (BBN) / MM