The Kremlin said on Monday that a price cap on Russian oil exports agreed by the European Union, G7 and Australia will not affect Moscow's military campaign in Ukraine.

The $60-per-barrel price cap aims to restrict Russia's revenue while making sure Moscow keeps supplying the global market.

"The economy of the Russian Federation has all the necessary potential to fully meet the needs and requirements of the special military operation," Kremlin spokesman Dmitry Peskov told reporters, using Moscow's term for the Ukraine offensive.

"These measures will not affect this," he said.

He said Russia "will not recognise" the price cap, which amounted to "a step towards destabilising the global energy markets" and would "change" oil prices.

An EU embargo on seaborne deliveries of Russian crude oil comes into effect on Monday. The oil price cap aims to ensure Russia cannot bypass the embargo by selling its oil to third countries at high prices.

The market price of a barrel of Russian Urals crude is currently around $65 dollars, just slightly higher than the $60 cap agreed, suggesting the measure may have only a limited impact in the short term.