MOSCOW, July 20 (TASS) - Russia will not supply oil to global markets if price caps discussed by countries of the Group of Seven turn out to be lower than production costs, Deputy Prime Minister Alexander Novak said on the air with the Channel One.

"If these prices spoken about are lower than costs of producing oil, <...> Russia will definitely not provide for supplies of such oil to international markets. It means that we will not simply run at a loss," the official said.