Russia Warning South Korea Concerning Crude Oil Price Cap

The Ministry of Foreign Affairs of Russia has warned South Korea not to join the U.S.-led Russian crude price cap scheme.

“The South Korean economy will have to face serious consequences if the South Korean government decides to follow it,” Georgy Zinoviev, director of the ministry's First Asia Department, said in his recent interview with Sputnik.

According to the director, Russia will not supply crude oil at a loss, South Korea’s partners will have to purchase crude oil at a higher price, and the price is likely to be far higher in the end.