Russia will embargo countries that support a cap on oil prices proposed by the U.S., the country's Deputy Prime Minister Alexander Novak said on Thursday, in response to recent discussions by the Group of Seven (G7). 

"In my opinion, this is a complete absurdity … To those companies or countries that will impose restrictions, we will not supply our oil and oil products because we are not going to work under non-market conditions," Novak told reporters, Russia Today (RT) reported on Thursday. 

The U.S. proposed imposing a price cap on Russian oil, aiming to hit Russia's oil revenue and reduce global energy prices. 

"I think a price cap is one of the most powerful tools we have to fight inflation by ensuring a stable flow of oil into global markets at lower prices," U.S. Treasury Secretary Janet Yellen said on Wednesday, Reuters reported. 

Novak said that Russian oil producers are preparing for an upcoming EU oil embargo due to take effect in December. However, they plan to maintain current levels of production, according to RT. 

Russia's oil exports in June fell to their lowest level since last August. However, its export revenue increased by $700 million from previous month on higher oil prices, to $20.4 billion, 40 percent above last year's average, according to a July oil market report released by the International Energy Agency. 

Finance ministers from G7 will meet on Friday. The bloc consists of the U.S., the UK, Canada, France, Germany, Italy and Japan.