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

Iran PressAsia: Commenting on the proposal, which was reportedly put forward by Prime Minister Fumio Kishida, Dmitry 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 the 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.


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