Others may reject Japan proposal on oil price cap, Kremlin says

Moscow calls its actions in Ukraine a special military operation and warns that any steps to limit energy supplies would backfire on end-users as global oil prices will rise.

Russia needs to wait and see how proposals on capping the price of Russian oil exports are finalized, Kremlin spokesman Dmitry Peskov told reporters on Monday.

Commenting on reports that Japan's Prime Minister Fumio Kishida had proposed a cap at around half the current price, Peskov said that other countries may disagree with that. "This statement... does not mean that such parameters will be agreed by other countries," Peskov told his daily conference call with reporters.

"So far, this is a single statement only, without any decisions taken." G7 leaders agreed last week to explore the feasibility of introducing temporary import price caps on Russian fossil fuels, including oil.

They have asked ministers to evaluate the proposal urgently, in another attempt to limit Russian resources to finance its military campaign in Ukraine. Moscow calls its actions in Ukraine a special military operation and warns that any steps to limit energy supplies would backfire on end-users as global oil prices will rise.