Russia rejects 60 dollar-per-barrel cap on its oil and warns of cut-offs

An oil tanker is moored at the Sheskharis complex in Novorossiysk, Russia (AP)

Russian authorities have rejected a price cap on the country’s oil set and threatened to stop supplying the nations that endorsed the cap.

The Group of Seven nations (G7) and Australia agreed on Friday to adopt a 60 dollar-per-barrel price cap on Russian oil, acting shortly after the European Union reached unanimous agreement on the same price earlier in the day.