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Oil could top $300-400 if price capped, says ex-Russian President

Commenting on the proposal, Medvedev said Japan "would have neither oil nor gas from Russia, as well as no participation in the Sakhalin-2 LNG project" as a result

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G7 leaders agreed last week to explore the feasibility of introducing temporary import price caps on Russian fossil fuels, including oil, in an attempt to limit Russian resources to finance its military campaign in Ukraine.

Reuters Moscow

2 min read Last Updated : Jul 06 2022 | 2:14 AM IST

Russia's former president Dmitry Medvedev said on Tuesday a reported proposal from Japan to cap the price of Russian oil at around half its current level would lead to significantly less oil on the market and could push prices above $300-$400 a barrel.

Commenting on the proposal, which was reportedly put forward by Prime Minister Fumio Kishida, Medvedev said Japan "would have neither oil nor gas from Russia, as well as no participation in the Sakhalin-2 LNG project" as a result.

President Vladimir Putin last week signed a decree that seizes full control of the Sakhalin-2 gas and oil project in Russia's

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Topics : oil trade Russia Ukraine Conflict Dmitry Medvedev

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