Russia vows to respond to oil price cap, would bear ‘limited’ losses

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As Russia has warned on Monday to respond to a Western price cap on its crude oil - an initiative led by the US and endorsed by the Group of Seven and allies aimed at curbing Russia's income, Chinese experts pointed out that the price cap would bring losses for Russia but the extent will be relatively limited, as Russia has several backup plans.

Ultimately the price would still be paid by Europe, further widening the gap of its own divisions and paralyzing the market principles that the West has built itself on, they noted.

Russia, the world's second biggest producer of crude oil, said on Monday that a Western price cap on its oil would destabilize global energy markets but would not affect its ability to sustain its special military operation in Ukraine.

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