Russia does not plan to supply oil under price cap, even if it is profitable — Novak

Russia will not supply oil to countries under the terms of the price cap, even if it would be more profitable, Russian Deputy Prime Minister Alexander Novak said at the 4th Russian-Chinese Energy Business Forum.

"This is generally unacceptable from the point of view of concluding contracts. We will work according to the market [conditions]," he said. Novak stressed that Russia does not plan to soften its position on this issue.

Currently, Russia supplies oil to a number of countries with a significant discount, which fluctuates around $20 to the price of Brent oil.