Russia will not sell oil to price cap supporters – Moscow

Russia will not supply oil to countries that support an "anti-market" price cap scheme, Deputy Foreign Minister Andrey Rudenko has stated. According to Moscow, this Western measure disrupts supply chains amid rising energy demand, intensified by the Middle East conflict. Western countries backing Ukraine, including G7 members and Australia, had pledged to phase out Russian oil and gas imports following the escalation of the Ukraine conflict in 2022, forcing Russia to sell crude at a discount under a price cap system set at about $44 per barrel.

However, this trend has partially reversed in recent weeks. Russia's Urals crude has been sold to India and other buyers at a premium, with prices exceeding $121.5 per barrel for Urals DAP West Coast India on March 19, 2026, and trading about $3.9 per barrel above Dated Brent, compared to a discount of around $12 per barrel in early March. Rudenko told Izvestia that energy markets are volatile due to tightening supplies and rising prices, labeling the cap as an "anti-market" measure that disrupts supply chains.

Energy prices surged after the US and Israel launched coordinated strikes on Iran on February 28, prompting retaliatory attacks across the region and the de facto closure of the Strait of Hormuz, which carries roughly one-fifth of the world's daily oil supply. Iran has effectively blocked transit for ships from non-friendly nations, sending oil prices up nearly 50% to almost $120 per barrel earlier this month. In response, the US temporarily lifted sanctions on Russian oil loaded before March 12, with a license allowing its sale until April 11, a move that could bring Russia about $2 billion in budget revenues.

Several Asian countries, including Thailand, the Philippines, Indonesia, and Vietnam, have signaled interest in buying Russian crude after Washington eased restrictions, while major importers like India and China continue to snap up available cargoes under the waiver. Rudenko added that Russia will not sell oil to "provocative" countries maintaining the price cap, emphasizing its policy of prioritizing allied nations in energy supply.