Russian President Vladimir Putin has criticized Western attempts to cap the price of Russian oil from next month.

The Group of Seven economies agreed in September to impose a price cap on Russian oil, aiming to limit Russia's earnings while avoiding a sharp oil price spike if Russian oil is taken off the global market.

The Kremlin has quoted Putin as saying that "such actions contradict the principles of market relations and are highly likely to lead to serious consequences for the global energy market."

Putin reportedly made the comment in a phone call with Iraq's new prime minister, Mohammed Shia al-Sudani, on Thursday.

Kremlin spokesperson Dmitry Peskov told reporters that Russia will maintain its stance of not supplying oil and gas to countries that set and join the price cap.

European Union members are in talks to strike an agreement on what the price ceiling should be.