Russia says it won't accept oil price cap and is preparing response

Russia "will not accept" a price cap on its oil and is analysing how to respond, the Kremlin said in comments reported on Saturday, in response to a deal by Western powers aimed at limiting a key source of funding for its war in Ukraine.

Kremlin spokesman Dmitry Peskov said Moscow had made preparations for Friday's price cap announcement by the Group of Seven nations, the European Union and Australia, the Russian state news agency TASS reported.

"We will not accept this cap," RIA news agency quoted him as saying. He added that Russia would conduct a rapid analysis of the agreement and respond after that, RIA reported.

Russia has repeatedly said it will not supply oil to countries that implement the cap - a stance reaffirmed by Mikhail Ulyanov, Moscow's ambassador to international organisations in Vienna, in posts on social media on Saturday.