He also said that despite Europe's efforts to cut reliance on Russian oil and gas, energy exports from Russia are in demand worldwide and Moscow has been diversifying its buyers. Russian President Vladimir Putin said on Thursday he would issue a decree early next week on 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. EXPORTS DECLINEThe sanctions have hit sales of Russian oil, which makes up a large share of state budget revenues. He also praised the work of the OPEC+ group of leading global oil producers, which includes Russia, saying that the oil price is likely to remain in current range of $70-$100 per barrel next year barring the emergence of unforeseen events.

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