Russian authorities are considering three possible responses to the G7 price cap, local media report.

The first option is a complete ban on the sale of oil to states that supported the restriction, two sources from the Russian cabinet told the Russian daily Vedomosti.

The second option is a ban on exports under contracts that include the price ceiling, regardless of the recipient country.

Moscow is also discussing the possibility of an “indicative price” measure as a third option for determining the “maximum discount of Russian oil from the Urals to the benchmark Brent grade”

A price cap set by the Group of Seven (G7) as well as an outright ban by the European Union on Russian seaborne oil

The ban covers more than two-thirds of Russian oil imports coming into the EU, according to European Council President Charles Michel.