The cap was imposed in 2022 by the EU, the G7 and Australia.
On Monday, Deputy Foreign Minister Andrey Rudenko said that Russia will not supply oil to countries that support anti-market measures to impose a price cap on oil.
Noting the high volatility in energy markets amid shortages and rising prices, Rudenko told the Russian daily Izvestia that “the Japanese government is bound by commitments to a price cap on Russian-origin oil,” which he described as an anti-market measure disrupting supply chains.
“As has been stated repeatedly, Russia will not supply oil to countries that support this provocative venture,” he said.
The Russian diplomat noted that, when evaluating formal applications from foreign nations seeking oil deliveries, the determining factors will be Russia’s economic priorities and the current state of bilateral relations with each prospective partner.
The price cap on seaborne Russian oil was imposed in late 2022 by the European Union, the Group of Seven nations and Australia.
Under the mechanism, companies from participating countries may transport or insure Russian oil only if the price remains below US$60 per barrel.
Meanwhile, Eurostat published a report showing that Euro area annual inflation is expected to rise to 2.5 percent in March from 1.9 percent in February, driven by a steep rise in energy prices, which climed to 4.9 percent from -3.1 percent.
In contrast, services inflation eased slightly to 3.2 percent from 3.4 percent, while prices for food, alcohol and tobacco edged down to 2.4 percent from 2.5 percent. Non-energy industrial goods rose by 0.5 percent, compared with 0.7 percent in the previous month.
Excluding energy, food, alcohol and tobacco, core inflation fell to 2.3 percent in March from 2.4 percent in February.
Among major euro area economies, inflation is expected to reach 2.8 percent in Germany, 1.9 percent in France, 1.5 percent in Italy and 3.3 percent in Spain.
teleSUR/ JF
Source: Xinhua
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