MOSCOW, July 21 ― Russia will not export oil to the world market if the price is capped below the cost of production, Interfax news agency quoted Deputy Prime Minister Alexander Novak as telling Russian television yesterday.

US Treasury Secretary Janet Yellen is pushing for a cap to make it harder for Moscow to fund its war in Ukraine. Officials say the goal is to set the price at a level that covers the marginal cost of production so Moscow is incentivised to continue exporting oil.

"If these prices that they are talking about are lower than the cost of producing oil, then of course Russia will not ensure the supply of this oil to world markets. This means we are simply not going to work at a loss,” Interfax cited Novak as saying.

Russian President Vladimir Putin told reporters earlier in the day that oil prices would skyrocket if a cap were imposed.

Brazil, China, India and some African and Middle Eastern countries have increased energy imports from Russia, which sells at deep discounts to global benchmarks because many European refiners have stopped buying Russian oil. ― Reuters