Putin threatens to cut oil production in response to G7 price cap

Russia could respond to price cap by cutting production -Putin: Moscow will not sell oil to countries that impose the G7’s price cap and could cut production, Russian President Vladimir Putin said Friday, according to the Financial Times. Russia “would simply not sell to the countries” that imposed the cap or joined the EU ban on purchasing oil from Moscow, he told reporters following a summit in Kyrgyzstan. “We will possibly, if we have to, even think — I’m not saying that it’s a decision — about a possible cut in production,” he said, describing the price ceiling as a “non-market, harmful decision” that would be “stupid for everyone” to implement.