Moscow is sending mixed signals about how it will respond to the G7 group’s still-to-be fnalised crude price cap mechanism. Deputy prime minister Alexander Novak reiterated on 29 November that Russia will not export crude to destinations supporting the price cap initiative. Even if sales are “efcient” they will be stopped, he said, according to state-owned news agency Tass. The price cap “is unacceptable in principle, from the point of view of agreeing contracts. We will be working on market terms,” he said.
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