Russia Rules Out Possibility of Supplying Oil at Forced Prices Set by West

MOSCOW (Sputnik) - Russia will look for new markets and logistics even at higher costs so as not to supply oil at prices set by the West, Finance Minister Anton Siluanov said on Sunday.

"We will not supply oil by contracts, which will indicate price limits offered by Western countries. This is out of the question. Russian President Vladimir Putin stated that Russia will not supply oil under agreements that specify price caps," Siluanov stated.

The minister also said that Russia will look for new consumers as the demand for oil is expected to increase.

"We will look for new markets, we will look for new logistics, and perhaps it will be more expensive," Siluanov specified.

An oil pumpjack in Tatarstan, Russia

© Sputnik / Maxim Bogodvid

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Earlier this month, the G7 nations (including the EU, associated with the club) and Australia capped Russian oil exports at $60 per barrel, citing the special military operation in Ukraine. Moscow lambasted the price cap, saying it was a brazen attempt to manipulate “the basic principles of free markets." Russia warned it wouldn’t sell oil to those countries that adopt the price restriction, while Deputy Prime Minister Alexander Novak noted that the country stands ready to reduce oil production as a response to the cap.