MOSCOW, December 23. /TASS/. The Russian president’s decree on retaliation measures to the oil price cap has almost been agreed, Deputy Prime Minister Alexander Novak said in an interview aired by the Rossiya-24 TV news channel on Friday, adding that it suggests the ban on supplies to countries and companies supporting the price ceiling.

"As far as the price ceiling is regarded, the presidential decree is being readied now, it has almost been agreed and it is expected to be released soon. The decree suggests the ban on supplies of oil and petroleum products to countries and legal entities that will require the price cap imposed by the European Union to be observed in contracts," he explained.

Russia is ready for a reduction in oil output in 2023, but it will not trade under the terms of the oil price cap, Deputy PM noted.

"We are ready to accept a partial reduction in output. <…> At the beginning of next year, the reduction may be by around 500,000-700,000 barrels per day, or around 5-7% for us, which is a minor volume, though such risks exist," he said, noting that it is unacceptable for Moscow to be captured by decisions taken by hostile countries.