Kremlin says it does not recognize Western price cap on its oil exports

Russia’s economy has proved remarkably resilient in the face of tough Western sanctions, but the price cap has complicated its efforts to sell oil globally

Moscow, which accounts for around 10 per cent of global oil supplies, said last month that it would cut output by 500,000 barrels per day in March in response to the price cap.

U.S. officials argue that the price cap is working, as Russia’s Urals blend – a benchmark of Moscow’s exports – sells at a steep discount to international marker Brent. “I think the beauty of the process is that it is working and that Russian oil and Russian products are being traded below the price cap,” U.S. Energy Envoy Amos Hochstein said on Monday.

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