Russia Didn’t Consult With OPEC+ Over Price Cap Retaliation

Russia has the sovereign right to respond to the G7 oil price cap, and it hasn’t consulted with OPEC+ over the response, Kremlin spokesman Dmitry Peskov said on Wednesday. On Tuesday, Russian President Vladimir Putin banned the sale of Russian oil to countries that have joined the so-called Price Cap Coalition and comply with the cap imposed by the Western countries. The Russian move was weeks in the making and follows the start of the price cap mechanism that the G7, the EU, and Australia implemented on December 5. The EU and G7 banned maritime…