Russian President Vladimir Putin said that Russia will not act contrary to common sense and supply energy resources to countries at prices set by them, RIA Novosti reported.

"Russia will not act contrary to common sense and pay for someone else's well-being at its own expense. We will not supply energy resources to those countries that limit their prices," Putin said.

According to Gulf News, the U.S. is trying to enlist the support of market participants to limit Russian oil prices in order to deprive Moscow of energy revenues. But while the G7 countries have supported these efforts, other countries such as India and China have remained major consumers of Russian oil, and a number of developing countries have refused to take a firm stand against Russia.