Russian President Vladimir Putin has threatened to stop oil sale to the countries agreeing to the West-led decision to impose a price cap, adding that it will reduce oil production.

Putin threatens to cut oil production over price cap, stop sale to nations insisting on ceiling

Russia has denounced the West's price cap on its oil and said it "will not accept" it. The Kremlin also reportedly said that it was analysing how to respond. Kremlin spokesperson Dmitry Peskov as per a report by the Russian news agency TASS said that his country has made preparations for the price cap that goes into effect on Monday (December 5th).

Moscow says will not accept western price cap on its crude, claims 'Russian oil will continue to be in demand'

Russia on Wednesday hit out at European Union and larger western efforts to introduce a cap on the price of the Russian oil. The Russian foreign ministry said that the country will not supply oil to countries imposing a price cap.

Oil price cap proposal: Russia warns West of dire repercussions