The European Union reached a deal on Friday to cap Russian oil at $60 a barrel, paving the way for G7 nations to launch an ‘unprecedented mechanism,’ as the Wall Street Journal reports.

One day before the $60 decision, a Thursday press conference, Moscow threatened to ignore the price cap set by the West – saying they will continue to charge buyers regular prices. Those unwilling to pay will be cut off, according to Russian Foreign Minister Sergey Lavrov

“We have no interest in what the price cap will be. We will reach direct agreements with our partners. The partners working with us will disregard these caps and will give no guarantees to those who impose such caps illegally,”

“This is not about earning a bit more from selling our oil. It’s just that we need to start building a system independent from these neo-colonial methods. \

https://www.zerohedge.com/commodities/eu-set-60-price-cap-russian-oil-kremlin-vows-ignore-cut-supply