in an attempt to limit the fossil fuel earnings that support Moscow’s budget, but Russian authorities rejected a price cap and threatened Saturday to stop supplying the nations that endorsed it.

Australia, Britain, Canada, Japan, the United States and the 27-nation European Union agreed Friday to cap what they would pay for Russian oil at $60-per-barrel. The limit is set to take effect Monday, along with an EU embargo on Russian oil shipped by sea. The twin measures could have an uncertain effect on the price of oil, as worries over lost supply through the boycott compete with fears about lower demand from a slowing global economy.

Kremlin spokesman Dmitry Peskov said Russia needed to analyze the situation before deciding on a specific response, but that it would not accept the price ceiling. Russia's permanent representative to international organizations in Vienna, Mikhail Ulyanov, warned that the cap's European backers would come to rue their decision.

“From this year, Europe will live without Russian oil," Ulyanov tweeted. “Moscow has already made it clear that it will not supply oil to those countries that support anti-market price caps.