- Summary- Companies- Russia will not sell oil subject to price cap- Russia working on mechanism to prohibit price cap- Russia would rather accept production cut- West imposes $60/barrel cap on Russian seaborne crudeMOSCOW, Dec 4 (Reuters) - Russia, the world's second largest oil exporter, will not sell oil that is subject to a Western price cap even if it has to cut production, President Vladimir Putin's point man on energy said.The move by the West to prohibit shipping, insurance and re-insurance companies from handling cargoes of Russian crude above the cap, is an attempt to punish Putin for the Ukraine conflict.Russian Deputy Prime Minister Alexander Novak said on Sunday the move by the West was a gross interference which contradicted the rules of free trade and would destabilise global energy markets by triggering a shortage of supply."We are working on mechanisms to prohibit the use of a price cap instrument, regardless of what level is set, because such interference could further destabilise the market," said Novak, who is the Russian government official in charge of the country's oil, gas, atomic energy and coal.Novak said the Western cap could trigger trouble in the products markets and could affect other countries beside Russia."