Russia not to recognize price cap on Russian oil, working on retaliatory measures - Peskov

MOSCOW. Dec 5 (Interfax) - Russia has no intention of recognizing the price cap on Russian oil introduced by the West, Russian presidential press secretary Dmitry Peskov said.

"A decision [on retaliatory measures taken by Russia] is being prepared. Naturally, one thing is obvious. We will not recognize any price caps," Peskov told reporters on Monday.

He was also asked whether the world should be preparing for oil price hikes.

The price situation "will change. It is obvious and indisputable that making these decisions is a step towards destabilization of the global energy markets," Peskov said.