Russia will not supply oil to the world market if a price cap is imposed, Interfax news agency quoted Deputy Prime Minister Alexander Novak as telling Russian television on Wednesday.
US Treasury Secretary Janet Yellen is pushing for the cap to drive down oil prices and make it harder for Moscow to fund its war in Ukraine.
“If these prices that they are talking about are lower than the cost of producing oil, then of course Russia will not ensure the supply of this oil to world markets. This means we are simply not going to work at a loss,” Interfax cited Novak as saying.
Russian President Vladimir Putin told reporters earlier in the day that oil prices would skyrocket if a cap were imposed.
Brazil, China, India and some African and Middle Eastern countries have increased energy imports from Russia, which sells at deep discounts to global benchmarks because many European refiners have stopped buying Russian oil.