The Minister of Oil and Gas for Libya's Government of National Unity, Mohamed Oun, considered the G7 decision to set a ceiling on the price of Russian oil as “not in anyone’s interest.”

Oun added that "this matter may cause fluctuations and turmoil in the oil markets," according to his statement to Russia's Sputnik news agency on Wednesday.

Oun pointed out that global markets are suffering from rapid fluctuations in prices, but the cohesion of OPEC and its allies will help overcome the crisis.

The finance ministers and central bank heads of the G7 countries took a unanimous decision on imposing a price cap on Russian oil.

Last Friday, Japanese Finance Minister Shun'ichi Suzuki indicated that the decision was taken to "reduce Russia's income from energy sources," while other G7 finance ministers called on oil producers to increase output in order to reduce market volatility.