Fereidoun Abbasi-Davani, a member of the Iranian Parliament Commission on Energy told Sputnik that the European Union's decision to set a price cap on Russian oil was a "tribute" to the US.

According to Abbasi-Davani, "This decision is more of a political, propaganda act. Europe is not powerful enough to set a price cap on Russian oil,"  adding that the EU is pressured by the US and "is paying tribute to Washington's antics."    

The Iranian lawmaker further noted that such a decision by the EU will not be long-lived, as he explained that "soon they will come to their senses." The decision will not harm Russia, he stressed, but rather the EU will eventually need to make political compromises.   

"Perhaps, the EU will follow this decision visually, but behind the scenes, they will continue to make deals with Russia," Abbasi-Davani said.  

Read more: Oil sanctions are a fail for the West, a win for Russia: The Economist  

Russia to evaluate reducing oil production due to price cap: Deputy PM

Russian Deputy Prime Minister Alexander Novak pointed out on Friday that the risk of a reduction in oil production in Russia due to a price cap on Russian raw materials introduced by the EU and G7 countries still persists, and the Russian government will assess it in the near future. 

Novak said in late December that Russia is ready to cut oil production by 5-7% in early 2023 as a response measure to the price cap imposed by the West on Russian crude oil.

"Yes, there are such risks. We will be evaluating them soon," Novak told reporters when asked if there are any prerequisites for a reduction in oil production now.

Another package of sanctions against Russian oil went into effect earlier in February, with the EU agreeing on a $100 per barrel ceiling for Russian diesel fuel, and $45 per barrel for discounted products such as fuel oil.

Read more: Price cap on Russian oil exports 'unviable, unenforceable': Expert