The Kremlin stated on Friday that any new sanctions imposed by the G7 on Russia’s oil sector would be counterproductive, asserting that it would take measures to mitigate the impact of such actions and adjust accordingly.

According to Bloomberg News, G7 nations are considering ways to strengthen the price cap on Russian oil, which may include replacing the current mechanism with a complete ban on Russian crude or reducing the price threshold from the existing $60 to approximately $40.

In response to inquiries about Russia’s potential concerns should these scenarios occur, Kremlin spokesman Dmitry Peskov indicated that there would “certainly” be risks to the stability of global energy markets. “This will inevitably occur and will affect those countries that implement such decisions,” Peskov informed reporters. “We will take all necessary steps to minimize the repercussions of these decisions and protect our economic interests.”