“The price ceiling will encourage the flow of discounted Russian oil to global markets and is designed to help protect consumers and businesses from global supply disruptions,” the minister said in a statement.

According to Yellen, the price cap will be especially beneficial for low- and middle-income countries.

US State Department Chief Economist Emily Blanchard previously admitted the possibility of adjusting the established ceiling price for Russian oil if the set goals are not achieved.

Russian Deputy Prime Minister Alexander Novak noted that Russia has a tough position on the oil price limit - it is unacceptable, regardless of the level.

Also, the Kremlin has repeatedly confirmed that Moscow will not trade oil, oil products and gas with countries that will introduce a price ceiling.