According to President Vladimir Putin, Russia won’t sell oil to any nation that sets a price restriction on its oil exports and is considering lowering its oil production.
In an effort to limit Moscow’s capacity to fund its conflict in Ukraine, the Group of Seven, the European Union, and Australia placed a price cap on Russian oil of $60 per barrel on Monday.
“I have have already said that we simply will not sell to those countries that make such decisions,” Putin said on Friday at a news conference held after a regional summit in Kyrgyzstan’s capital, Bishkek.
“We will consider a possible reduction in production if necessary,” he added, calling the price cap a “stupid decision” that is “harmful to global energy markets”.
Putin said Russia would likely have to reach a peace agreement regarding Ukraine in the future, but felt betrayed by the breakdown of the earlier Minsk agreements. Putin said mediators Germany and France had betrayed Russia and were now pumping Kyiv with weapons.
