Russian Deputy Prime Minister Alexander Novak said that the government is currently working on a mechanism to ban the application of the price cap on Russian oil, which was recently agreed by the EU and G7 countries, reports Kommersant.

According to Novak, the Russian authorities are ready to reduce oil production if European importers start to apply the price cap.

Earlier, the EU countries approved the introduction of the price ceiling on Russian oil at $ 60 per barrel. Following the EU, the G7 countries and Australia adopted a similar decision.

This move was criticized by Russian officials as contrary to market principles, and the press secretary of the Russian president, Dmitry Peskov, stated that the Kremlin refused to accept the energy restriction.