BERLIN, December 12. /TASS/. The countries of the Group of Seven (G7) expect that other states wishing to purchase energy resources from Russia would use a price cap on Russian oil, the leaders of the G7 said in a statement released on Monday.

"We reaffirm our intention to phase out Russian-origin crude oil and petroleum products from our domestic markets," the statement said. The G7 countries recalled that during the week of December 5, 2022, the price cap on seaborne Russian crude oil entered into force "to support stability in global energy markets."

"We encourage third countries that seek to import seaborne Russian-origin crude oil and petroleum products to leverage the price cap. We reiterate our decision that the price cap on Russian origin petroleum products will enter into force on February 5, 2023," the statement said.

Russian President Vladimir Putin said on Friday that Russia is considering cutting oil production as one of the measures in response to the decision of Western countries to introduce a price cap. "As for our reaction, I have already talked about it - we simply will not sell to the countries that make such decisions. We will think about the possibility of production cuts, if necessary. We have an agreement with OPEC+ on a well-known production target. We will think of something additional, if we need it. I mean Russia specifically," Putin said.

According to him, Russia is now considering various options for responding, the final version will soon be set in a presidential decree. "We are thinking about it. There are no decisions yet. Specific measures will be set in the presidential decree, which will be issued in the next few days," Putin said.

Finance Minister Anton Siluanov said earlier that the Russian Finance Ministry considers it too early to assess the effect on the budget from the introduction of a price cap on Russian oil, but Russia is preparing retaliatory measures. "So far, it is too early to talk about the impact on the budget. We are now preparing retaliatory, reciprocal measures regarding how our companies will react to the introduction of the price cap," Siluanov said. He noted that such measures will be announced in the near future.

The minister called the introduction of a price cap a non-market measure that would have implications for the world market.