MOSCOW, December 6. /TASS/. Moscow plans to create and launch a mechanism banning Russian companies from selling oil to countries that operate within the framework of the West’s price cap by the end of 2022, Deputy Prime Minister Alexander Novak told reporters.

"Yes, I am confident it will be done," he said, replying to a question on the topic. "We are currently hashing over and fine-tuning the decision, and discussing it with companies," Novak added.

On December 5, an embargo on maritime Russian oil shipments to the European Union was enforced. Moreover, EU states also agreed on a price cap for Russian oil delivered by sea, setting the ceiling at $60 a barrel last Friday. A similar decision was announced by the G7 and Australia.

The US, the EU and the UK are banning their companies from providing transport, financial and insurance services to tankers carrying oil from Russia at a price above the agreed-on ceiling.