Russian president Vladimir Putin has threatened to cut oil production in response to the G7’s price cap on Moscow’s crude exports, a measure western countries hope will keep oil flowing while denting revenues for the Kremlin’s war in Ukraine.
Speaking to reporters on Friday, Putin said Russia “would simply not sell to the countries” that imposed the price ceiling or joined an EU embargo on buying the country’s oil.
“We will possibly, if we have to, even think — I’m not saying that it’s a decision — about a possible cut in production,” Putin said following a summit in Bishkek, Kyrgyzstan.
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