Russia’s response after the imposition of an oil price ceiling by the West will be finalized and institutionalized by presidential decree in the coming days, Russian presidential spokesman Dmitry Peskov said. His words are reported by the Prime news agency.

“I want to recall that in Bishkek, the president said that we will talk about the relevant decree, and the president also said that there are some more aspects that are being discussed. In the coming days, this discussion will be finalized and already institutionalized in the form of a presidential decree,” Peskov said.

Western oil sanctions came into force on December 5: the European Union stopped accepting Russian oil transported by sea, in addition, the G7 countries, Australia and the EU imposed a price cap on such oil at $60 per barrel.

Russian Deputy Prime Minister Alexander Novak, commenting on the decision, said that Russia would not accept the oil price ceiling even if it had to cut production. He added that such restrictions are an interference in market instruments, Russia is ready to work only with those consumers who will work on market conditions.