economy
April 1, 2026
Russia will not sell oil to countries backing Western price cap, a top diplomat has said
Russia will not supply oil to countries backing the price cap as global demand has surged amid the Middle East conflict, Deputy Foreign Minister Andrey Rudenko says
TL;DR
- Russia will not supply oil to countries backing an "anti-market" price cap scheme.
- Global demand for crude is rising amid the Middle East conflict, causing price volatility.
- Russia's Urals crude has recently been sold at a premium to prices in early March.
- Western countries, including G7 members, had previously phased out Russian oil and gas imports.
- The price cap system, set at about $44 per barrel, is viewed by Russia as an "anti-market" measure.
- Energy prices surged after strikes on Iran led to the de facto closure of the Strait of Hormuz.
- The US temporarily lifted sanctions on Russian oil loaded onto tankers before March 12, allowing sales until April 11.
- Several Asian countries, including India, China, Thailand, the Philippines, Indonesia, and Vietnam, have shown interest in or continued to purchase Russian crude under the waiver.
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