Russia says planned price caps on its oil will fail -Ifx

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Russian Deputy Foreign Minister Sergei Ryabkov attends a meeting of Foreign Minister Sergei Lavrov with Iranian Foreign Minister Hossein Amir-Abdollahian in Moscow, Russia March 15, 2022. REUTERS/Maxim Shemetov/Pool

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  • This content was produced in Russia, where the law restricts coverage of Russian military operations in Ukraine

MOSCOW, July 7 (Reuters) - Russian Deputy Foreign Minister Sergei Ryabkov on Thursday said that plans to introduce price caps on Russian oil will "collapse" and Russia will find ways to ensure revenues for its budget, Interfax news agency reported.

The cap scheme was first mooted last month by U.S. Treasury Secretary Janet Yellen as part of a campaign to increase pressure on Russia over what Moscow calls a "special military operation" in Ukraine. read more

The shape of the final deal and price level have yet to be announced.

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Reporting by Reuters Editing by David Goodman

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