MOSCOW (Reuters) – The Kremlin said on Friday that any new G7 sanctions on Russia’s oil industry would backfire and that it would act to minimise the consequences of any such move and adapt.

Bloomberg News reported on Thursday that G7 countries are exploring options to toughen the price cap on Russian oil, including essentially replacing the mechanism with a full ban on handling Russian crude to lowering the price threshold from the current $60 to about $40.

Kremlin spokesman Dmitry Peskov, asked about Russia’s concerns if these scenarios materialise, said there would “certainly” be risks to the stability of international energy markets.

“This will inevitably happen and will hit simultaneously those countries that make such decisions,” Peskov told reporters.

“We will do everything necessary to minimise the consequences of such decisions and ensure our economic interests”.