(Central News Agency) Russia said today that it will reject the $60 oil price ceiling agreed by the European Union (EU), the Group of Seven industrialized countries (G7) and Australia.

The Kremlin also said that President Vladimir Putin may personally visit the eastern part of the country that Moscow claims has annexed.

"We will not accept this price ceiling," Kremlin spokesman Dmitry Peskov told domestic media, Agence France-Presse reported.

He also said Russia, the world's second-largest crude exporter, was "analyzing" the move by the West.

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The $60 per barrel Russian oil price ceiling will come into effect on or shortly after the 5th, and the European Union will also impose an embargo on Russian crude oil shipments by sea.

The embargo will prevent Russian crude from being shipped to the EU by sea.

Since Rosneft accounts for two-thirds of the EU's total oil imports, the move could cost Russia billions of euros in war funds.

The Kremlin also said President Vladimir Putin would visit "in due course" the annexed Donbas region of eastern Ukraine.

But Peskov did not specify the exact time of Putin's visit.

Putin and senior Kremlin officials have repeatedly stressed that Russia will not provide oil to countries that impose price caps.

Kyiv welcomed the cap on Russian oil.

"We will always achieve the goal, the Russian economy will be destroyed and Russia will pay the price and take responsibility for all crimes," said Andriy Yermak, chief of staff to Ukraine's presidential administration.

The current market price of Russia's Urals crude oil is around $65 a barrel, just above $60, so in the short term, the measure is likely to have only a limited impact.