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Russia may cut oil production in response to G-7 price cap, says Putin

Russia may cut oil production in response to G-7 price cap, says Putin

Russia may cut oil production in response to G-7 price cap, says Putin

The decision on Moscow’s response will be announced in a presidential decree in the next few days, Putin said on state television, without giving further details.

“I’m not saying it’s a decision now, but if necessary, we will think about possible production restrictionsPutin said. “I have already said that we will simply not sell oil to those countries that participate in the price cap.”

The embargo on Russian oil came into effect on Monday, December 5. The European Union has banned almost all offshore imports of domestic crude oil, and the G-7 has agreed that anyone wanting access to key services provided by the bloc – especially insurance – will have to pay less than $60. per barrel.

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