Kremlin Response to G7 Sanctions on Russian Oil

MOSCOW (Reuters) – The Kremlin stated on Friday that any new G7 sanctions on Russia's oil industry would backfire. They asserted that Russia would take steps to minimize the fallout from such actions and adapt accordingly.

According to a report from Bloomberg News on Thursday, G7 countries are considering options to tighten the price cap on Russian oil. Possible measures include replacing the current price cap mechanism with a complete ban on handling Russian crude, or lowering the price threshold from the existing $60 to around $40.

Kremlin spokesman Dmitry Peskov, when asked about the potential risks if these scenarios come to pass, indicated that there would "certainly" be risks to the stability of international energy markets.

Peskov remarked, "This will inevitably happen and will hit simultaneously those countries that make such decisions," while also emphasizing, "We will do everything necessary to minimize the consequences of such decisions and ensure our economic interests."