Deputy Prime Minister of the Russian Federation Alexander Novak considered that in a statement to the Rossiya 24 TV channel, “the idea that the G7 countries put an end to the price of Russian oil is another attempt to interfere in market mechanisms, which cannot lead to anything other than imbalance market, and the shortage of energy resources, which in turn will lead to higher prices, therefore, for consumers, especially Europeans, and the G7 countries at a higher price for energy carriers in the world market”, noting that “this is a measure directed against them, as it happened and more. From time to time, of course, these are rash and economically unjustified measures.

The West’s idea is to reduce the benefit to Russia from higher oil prices and also to mitigate the impact of higher energy prices on the Western economy.

A group of seven major industrialized countries, including Canada, France, Germany, Italy, Japan, the UK and the US, are exploring the creation of a “mechanism to set a ceiling on the price of Russian oil at the world level.”

The European Union has decided to ban the export of most Russian oil for six months.