Russian President Vladimir Putin does not expect Russia to have any losses due to the introduction of an oil price ceiling, Prime news agency reports.

“We will have no losses under any circumstances,” Putin said at a press conference following his visit to Kyrgyzstan.

Putin also noted that the size of the ceiling roughly corresponds to the level of market prices for Russian oil.

“In this sense, this decision does not affect us in any way. That is not what matters to us, frankly speaking,” he added.

“As for our reaction, I have already said, we simply will not sell to those countries that make such decisions,” Putin said.

He also added that specific steps will be outlined in a presidential decree and did not rule out cutting production, although no decisions have been made yet.

The price ceiling for Russian oil concerns not only the state but all producers, if the consumer determines the price, it will lead to the collapse of the industry, Putin also noted.

“The industry is already underinvested, underfunded, and if we also listen only to the consumer, this investment will be reduced to zero, all this will lead at some stage to a catastrophic surge in prices and the collapse of the global energy industry, that’s what it will lead to. This is a stupid proposal, ill-considered and not calculated,” he said.