Russia’s mechanism to ban sales of oil that are subject to a price cap imposed by Western countries should begin working before the end of the year, Russian news agencies quoted Deputy Prime Minister Alexander Novak as saying on Tuesday.

“We are working out our decision,” RIA quoted him as telling reporters. It said that when asked if the mechanism would take effect by the end of the year, he replied: “Yes, I’m sure.”

Earlier, Novak said Russia may reduce oil production but not by much.

He said Russia was changing its logistics chains in response to the $60 oil price cap imposed by Western countries with the aim of squeezing Moscow’s ability to fund its war in Ukraine.
Source: Reuters (Reporting by Reuters; editing by Jason Neely)