Russia has said it will continue to find buyers for its oil, despite what it says is a "dangerous" attempt by Western governments to impose price caps on its oil exports, Reuters reports.
A coalition of Western countries led by the Group of Seven nations (G7) agreed to cap the price of Russian oil exported by sea at $60 a barrel, with the aim of limiting Moscow's revenues and curbing its financing of the invasion of Ukraine.
Russian President Vladimir Putin and senior Kremlin officials have repeatedly emphasized that they will not supply oil to countries that apply price restrictions.
In comments posted on Telegram, the Russian embassy in the United States criticized the "transformation" of free market principles and reiterated that its oil would continue to be in demand despite the measures.
"These steps will inevitably lead to increased uncertainty and the imposition of higher costs for consumers of raw materials," the statement said.
They add that, "regardless of the current flirtations with a dangerous and illegitimate instrument, we are convinced that Russian oil will continue to be in demand".
The G7 price cap will allow non-EU countries to continue importing seaborne Russian crude, but will ban shipping, insurance and reinsurance companies from handling Russian crude worldwide, unless it is sold for less than the specified price.
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