Russian Deputy Prime Minister for Energy Oleksandr Novak criticized on Wednesday any cap on Russian oil prices, which would “disrupt market mechanisms” and could have a “very harmful effect” on global industry, writes AFP.

Speaking about the oil shortage, if the EU adopts such a measure, Novak once again warned that Russian companies “will not supply oil to countries that use this instrument.”

In early September, the G7 announced that it would “immediately” impose price caps on Russian oil to limit revenues from the sale of hydrocarbons that finance Moscow’s offensive against Ukraine.

In particular, Russia would sell its oil to these countries at a price lower than the current price, but still higher than the price of production, in order to have an economic interest in continuing to sell oil to them, rather than cutting off its supply.

But India and China, some of the world’s biggest oil importers, appear reluctant to join the G7 at this stage, as both countries benefit from low Russian oil prices.

Russia’s deputy prime minister also welcomed the “historic decision” by OPEC+ countries to sharply cut their production quotas by two million barrels per day in November to support prices hit by recession fears.

Also responding to questions about leaks from the Nord Stream 1 and 2 gas pipelines in the Baltic Sea, Novak said that “Russia could supply gas in a short time” through an intact Nord Stream 2 line if Europe wanted it.

For this, according to him, “the Europeans must take the necessary legal decisions regarding its certification and lifting of restrictions” regarding the pipeline, which was stillborn as a result of Russian military intervention in Ukraine.

The Russian official also called for an “objective investigation” into the causes of the alleged sabotage in the Baltic Sea, as the perpetrators of this unprecedented incident currently remain unknown.

The European Union has finally approved a new package of sanctions against Russia over its war against Ukraine, Reuters reports. The EU’s response came after Russia’s nuclear threats and the partial military mobilization of reservists, as well as the annexation of part of Ukraine.

These measures include tighter restrictions on trade with Russia in steel and technology products, as well as oil price caps for shipping Russian crude by sea to third countries.

EU diplomats confirmed the bloc agreed to cap Russian oil prices after offering “insurance” to Greece, Cyprus and Malta, countries with large shipping industries. Before the agreement, these countries argued that the EU should not impose oil price caps without guarantees that other non-EU countries, such as India, would also sign up to the price caps.