Putin says Russia may cut its oil output in response to G-7 price cap

A decision on Moscow's response to EU price cap will be announced in a presidential decree within the next several days, says Putin

Russia may cut its oil production in response to the G-7 cap on the price of its crude, President Vladimir Putin said.
 

A decision on Moscow’s response will be announced in a presidential decree within the next several days, Putin told reporters in comments broadcast on state Rossiya 24 TV, providing no further details.

“I’m not saying now that this is a decision, but if necessary we’ll think about possible production cuts,” Putin said. “I have already said that we simply won’t sell oil to those countries” that participate in a price cap, he said. 

After months of planning and