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Russia May Cut Oil Output in Response to G-7 Price Cap, Putin Says

  • Russia won’t sell oil to any nation participating in price cap
  • Kremlin to issue decree on the subject in coming days
Bloomberg business news
Putin: Russia May Cut Oil Output Because of Price Cap
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Russia may cut its oil production in response to the G-7 cap on the price of its crude, President Vladimir Putin said.

A decision on Moscow’s response will be announced in a presidential decree within the next several days, Putin told reporters in comments broadcast on state Rossiya 24 TV, providing no further details.