Detailing for the first time the Russian response to the price caps introduced by the West over Moscow's invasion of Ukraine, Novak said the cuts could amount to 500,000-700,000 barrels per day.

The European Union, G7 nations and Australia introduced a $60 per barrel price cap on Russian oil from Dec. 5, on top of the EU's embargo on imports of Russian crude by sea and similar pledges by the United States, Canada, Japan and Britain.

Russian President Vladimir Putin said on Thursday he would issue a decree early next week detailing Moscow's actions in response to the price cap.

Novak said the decree would ban sales of oil and oil products to countries that join the price cap and companies that demand its observance.