Russia Says to Halt Oil Shipments to Price Cap Backers
Russian Deputy Foreign Minister Andrey Rudenko issued the warning during an interview with the Russian daily Izvestia, noting that energy markets are already under strain from tightening supply and surging resource costs.
When pressed on trade relations with countries enforcing anti-Russian sanctions — including Japan — Rudenko stated that Tokyo remains bound by obligations tied to the oil price ceiling, which he dismissed as "an anti-market measure that disrupts supply chains."
He left no room for ambiguity on Moscow's position: "As has been stated repeatedly, Russia will not supply oil to countries that support this provocative scheme."
The remarks come weeks after the US Treasury Department disclosed on March 12 that it had carved out a temporary exemption — valid through April 12 — allowing the sale of Russian oil and petroleum products under revised US sanctions policy.
US Treasury Secretary Scott Bessent framed the move as a strategy to ease pressure on global energy prices, citing the ongoing conflict in Iran as a key driver behind the decision.
The G7 price cap, which took effect in December 2022, was structured as a two-pronged tool: cutting into Moscow's oil revenues while keeping global supply lines intact by barring Western maritime service providers from handling cargoes sold above an established price threshold.
Legal Disclaimer:
MENAFN provides the
information “as is” without warranty of any kind. We do not accept
any responsibility or liability for the accuracy, content, images,
videos, licenses, completeness, legality, or reliability of the information
contained in this article. If you have any complaints or copyright
issues related to this article, kindly contact the provider above.
Legal Disclaimer:
EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.
