The model of a petrol pump as seen in front of the EU and Russian flag colors in this illustration taken March 25, 2022. (Reuters)

Russian Finance Minister Anton Siluanov has recently said "Russia is one of the largest oil exporters and it will always be," in response to the introduction of a cap on oil prices.

The top Russian figure made the remarks on Rossiya 24 TV Channel.

Concerning the recently implemented oil price ceiling, the Minister added, "Prices will be established on the basis of market principles, and not on the basis of any ceilings or restrictions that cannot work within the context of market pricing."

It is worth noting that an embargo on Russian maritime oil supply to the European Union went into effect on December 5.

At the time, Kremlin Spokesperson Dmitry Peskov said the attempt to control gas prices is unacceptable, stressing that Moscow will make the proper decision, as it did with the regulation on oil.

The EU, the Group of Seven (the United Kingdom, Germany, Italy, Canada, the United States, France, and Japan), as well as Australia, agreed on a price cap of $60 per barrel for Russian oil delivered by sea.

The United States, the European Union, and the United Kingdom have prohibited their companies from providing transportation, financial, and insurance services to tankers carrying oil from Russia at a price higher than the agreed-upon threshold.

Since the start of the war in Ukraine, Western nations have been seeking methods to reduce Russia's revenue from oil and gas exports. The G7 finance ministers asked all countries to endorse the idea in September by confirming their determination to set a price ceiling on Russian oil.

Today, the sanctions imposed by the EU on Russia are damaging the Europeans themselves and are being rebuffed by an increasing number of citizens of the EU member states. Simultaneously, thousands have been protesting across Europe against skyrocketing energy prices, inflation, and arms deliveries to Ukraine.