According to TASS, Russia's state-owned news agency article published on October 13, 2022, Russia will not supply oil to countries attempting to limit the cost of its raw materials through various caps, Deputy Prime Minister Alexander Novak said during the Russian Energy Week forum.
"It is unclear where this figure has come from; they can say whatever they like. The price should be set by the market through supply and demand," Novak said in a comment on the potential $60 a barrel cap for Russian oil.
"We have made it clear that we will not deliver oil to countries who use the price cap. This is a bad precedent that can be extended at any time to other suppliers, to the entire global trade," the official said.
The cap for Russian oil could be about $60 per barrel, US Secretary of the Treasury Janet Yellen said on October 12, adding that the US continues to work with its partners to determine the price point.
