TOKYO, December 5. /TASS/. Japan imposed a price cap on Russian oil on Monday, though it will not cover crude produced at the Sahalin-2 project, the country’s foreign ministry reported.

The decision to carve out oil from Sakhalin-2 from the price cap has been made considering "the viewpoint of Japan’s energy security," according to the report.

The European Union published in the EU Official Journal on Saturday evening a decision to introduce a price cap on oil from Russia from December 5 at $60 a barrel, provided that oil is sold at a price at least 5% below the market price. It also noted that oil transited through Russian territory could be delivered at a price higher than the cap unless it was produced in Russia or owned by a Russian citizen or company.

Following the European Union G7 countries and Australia agreed a price cap on Russian oil at $60 per barrel. The decision will be enforced on February 5. The US Department of the Treasury believes such a price cap is sufficient for Russia to be able to continue supplies to the global market.

Russian Deputy Prime Minister Alexander Novak said on December 4 that the country wouldn’t sell oil under a price cap, even if that meant production cuts, as he considers the restriction unacceptable and contrary to the rules of the market and the World Trade Organization.

Last year Japan received around 34 mln barrels of oil from Russia, which accounted for 3.6% of the country’s total supplies.