Russia says it will not accept oil price caps and is preparing a response

The Kremlin said Saturday that Russia will not accept a cap on its oil prices and is preparing a response to the Western powers' agreement, which has entered into force.

According to Kremlin spokesman Dmitry Peskov, Moscow took steps on Friday to prepare for the introduction of a price cap by the G7, European Union and Australia, the Russian news agency TASS reported.

Russia has repeatedly said it will not supply oil to countries that impose the cap. Mikhail Ulyanov, Moscow's ambassador to international organizations in Vienna, confirmed this on Saturday, posting relevant comments on social media.

The G7 price cap does not prevent Russian oil from being imported by sea to non-EU countries. But it prohibits shipping, insurance and reinsurance companies from handling cargoes of Russian oil around the world if its price exceeds $60. This could lead to difficulties in transporting Russian oil at a price above the limit, even to countries that are not part of the agreement.