Russian Deputy Prime Minister Alexander Novak revealed new Russian measures in response to setting a ceiling on the price of oil, including preventing its export to countries that will request it in supply contracts.

Novak added - according to (Russia Today) channel, today, Friday, that Russia is ready to reduce oil production by between 500 and 700 thousand barrels per day, equivalent to about 5 to 7% of the daily Russian production of oil, indicating that a presidential decree is being prepared. in this regard.

This comes after the decision of the G7 countries and the European Union to cap the price of Russian oil and set its price at $60 per barrel, and to prevent the transportation and insurance of shipments denominated at higher prices, as of December 5.

The press spokesman for the Russian presidency, the "Kremlin," Dmitry Peskov, announced that the response to the decision of Western countries to put a ceiling on Russian oil prices, in its final form, will be published soon.

"The final points are being agreed upon, and we expect the Russian response to be published soon," Peskov told reporters.
Western sanctions on Russian oil came into force on December 5, when the European Union stopped receiving Russian oil transported by sea.

The G7 countries, Australia and the European Union also imposed a cap on the price of Russian seaborne oil at $60 a barrel.

Russia has traditionally been the main supplier of oil to Europe, covering about 20 percent of Europe's petroleum needs.
In response to Russia's own military operation in Ukraine, Western countries began to put in place punitive measures, including limiting Moscow's revenues from oil exports.

  Source: Middle East News Agency