Russia won't supply oil if price is capped below production cost - Interfax

Russia will not export oil to the world market if the price is capped below the cost of production, Interfax news agency quoted Deputy Prime Minister Alexander Novak as telling Russian television on Wednesday.

U.S. Treasury Secretary Janet Yellen is pushing for a cap to make it harder for Moscow to fund its war in Ukraine. Officials say the goal is to set the price at a level that covers the marginal cost of production so Moscow is incentivized to continue exporting oil.