Novak: Russia to cease deliveries of oil, petroleum products to countries that impose price ceiling on its oil

MOSCOW. Sept 1 (Interfax) - Russia will stop supplying oil and petroleum products to countries that impose a price ceiling on Russian oil, Deputy Prime Minister Alexander Novak told reporters.

"As for the price cap: if they impose it, we simply will not supply our oil and oil products to such companies or countries that will impose restrictions, because we will not operate on non-market conditions," Novak said.

He noted that he had not heard the view that India and China could join the embargo.

As reported, this coming Friday (September 2), G7 finance ministers intend to discuss the possibility of establishing a price cap on Russian oil. G7 leaders agreed on this initiative in June.

According to the Politico publication, the U.S. proposed to achieve a price cap on Russian oil by excluding only those countries that would agree to buy fuel at a set price from freight insurance sanctions. According to FT sources in U.S. official circles, Washington is negotiating with China, India and a number of other countries that purchased Russian oil at a discount to the market price after many European buyers refused to buy it because of the situation surrounding Ukraine.