Novak says setting a ceiling for the price of Russian oil will push prices higher

Russian Deputy Prime Minister Alexander Novak said on Thursday that attempts to put a ceiling on the price of Russian oil could lead to an “imbalance” in the market and push prices higher, the Russian Interfax news agency quoted Russian Deputy Prime Minister Alexander Novak as saying on Thursday.

His comments come after G7 leaders agreed on Tuesday to study the “feasibility of setting temporary import price limits” for Russian fossil fuels, including oil, and to instruct ministers to urgently assess the proposal.

EU officials told Reuters on Thursday that Germany and other EU governments were being cautious about these proposals, which include a ban on transporting Russian oil sold above a certain price.