Russia's Medvedev: oil could top $300-400 if Japan's price cap idea implemented

Russia's former president Dmitry Medvedev said on Tuesday that a reported proposal from Japan to cap the price of Russian oil at around half its current price would lead to significantly less oil on the market and could push prices above $300-400 a barrel.

Commenting on the proposal, which was reportedly put forward by Prime Minister Fumio Kishida, Medvedev said that Japan "would have neither oil nor gas from Russia, as well as no participation in the Sakhalin-2 LNG project" as a result. G7 leaders agreed last week to explore feasibility of introducing temporary import price caps on Russian fossil fuels, including oil, in an attempt to limit Russian resources to finance its military campaign in Ukraine.