Russia mulls banning oil supplies subject to Western price cap

Russia is working on the possibility of banning oil supplies subject to a Western-imposed price cap, Russian Deputy Prime Minister Alexander Novak said on Sunday.

"We are working on mechanisms to prohibit the use of a price cap instrument, regardless of what level is set, because such interference could further destabilise the market," Novak said.

Russia will not operate under a price cap, even if Moscow has to cut production, Novak said.