Russia said on Saturday it would continue to seek buyers for its oil despite what it called a “dangerous” attempt by Western governments to impose price caps on its oil exports, Reuters reported.

A coalition of Western nations led by the G7 group of nations agreed on Friday to cap the price of Russian offshore oil at $60 a barrel to limit Moscow’s revenues and reduce its ability to finance an invasion of Ukraine.

Russia has repeatedly stated that it will not supply oil to countries that implement restrictions, a position confirmed by Mykhailo Ulyanov, its ambassador to international organizations in Vienna, in his posts on social networks.

“From this year, Europe will live without Russian oil,” he said.

The Russian Embassy in the United States took to Telegram to criticize what it said was a “reformation” of free market principles and reiterated that demand for oil would remain despite the measures.

“Such moves will inevitably lead to increased uncertainty and rising costs for consumers of goods,” she said.

“Despite the current flirting with a dangerous and illegitimate instrument, we are sure that Russian oil will continue to be in demand,” added the Russian diplomatic mission.

Link Russia’s ‘ghost fleet’: What Moscow wants to do with the more than 100 old ships it has secretly acquired this year