Oil market faces shortfall with G7 price cap plan: Russia
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"In my opinion, this is a measure directed against them, as it has already happened more than once," Novak said in televised remarks.
Leaders of the Group of Seven wealthy nations agreed at a summit this week to work on a price cap for Russian oil as part of efforts to cut the Kremlin's revenues in a bid to halt Moscow's offensive in Ukraine.
While the West has already imposed multiple layers of sanctions on Russia in response to President Vladimir Putin's order to send troops to Ukraine in February, the targeting of the oil industry represents the highest economic stakes so far.
European countries have also been trying to reduce their own consumption of Russian hydrocarbons, and Moscow has tried to redirect its energy supplies to Asia.
Novak's warning came as a surge in oil prices is causing increasing concern around the world.
In their monthly video conference, the 23 members of OPEC+ agreed to add another 648,000 barrels per day in August, the same as for July.
"In June, we almost reached the level of February," Novak added.