"We expect that China, India and Turkey, as major buyers of Russian oil, will negotiate very good prices for themselves and the prices will come under the price cap. Which would be in compliance even if the countries don't formally join the price cap coalition," O'Brien said during a press conference.
The European Union's $60 per barrel price cap on Russian oil went into effect on December 5, together with a ban on seaborne exports. The cap will be reviewed every two months to remain at 5% below the International Energy Agency benchmark. The G7 nations and Australia have also capped Russian oil exports at $60 per barrel.
Russian Deputy Prime Minister Alexander Novak, commenting on the decision, said that Russia would not accept the price cap, even if the measure forced it to cut oil production. According to Novak, such restrictions are interfering with market forces.
Western countries have been looking for ways to limit Russia's income from oil and gas exports since the country launched a military operation in Ukraine on February 24.