The Western “anti-market” price limit disrupts supply chains amid rising energy demand, Deputy Foreign Minister Andrey Rudenko has said
Deputy Foreign Minister Andrey Rudenko © Sputnik / Kristina Kormilitsyna
[RT] Moscow will not supply oil to countries backing an “anti-market”
price cap scheme, Russian Deputy Foreign Minister Andrey Rudenko has
said, as demand for crude rises amid the Middle East conflict.
Western
countries backing Ukraine, including the G7 members and Australia, said
they would phase out Russian oil and gas imports following the
escalation of the Ukraine conflict in 2022.
These countries cut
purchases and forced Russia to sell crude at a discount to global
benchmarks under a price cap system, currently set at about $44 per
barrel.
However, in recent weeks this trend has partially
reversed: Russia’s Urals crude has been sold to India and other buyers
at a premium, with Urals DAP West Coast India prices exceeding $121.5
per barrel 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 on Tuesday that energy markets are volatile due
to tightening supplies and rising prices. When asked about talks with “unfriendly” states like Japan to resume buying Russian oil, he said Tokyo is bound by the price cap, which he called an “anti-market” measure that disrupts supply chains. Rudenko added that Russia will not sell oil to “provocative” countries.
Energy
prices surged after the US and Israel launched coordinated strikes on
Iran on February 28, prompting retaliatory attacks across the region.
The crisis has led to 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.
Amid the price spike, the US temporarily lifted sanctions
on Russian oil loaded onto tankers before March 12, with a license
allowing its sale until April 11. US Treasury Secretary Scott Bessent
said the move could bring Russia about $2 billion in budget revenues.
Several
Asian countries have already moved to secure Russian crude after
Washington eased the restrictions. Nations including Thailand, the
Philippines, Indonesia and Vietnam have signaled an interest in buying
Russian oil, while major importers India and China have continued to
snap up available cargoes under the waiver.