Price limits on Russia's crude and refined oil exports could force the Kremlin to cut production by between 5% and 7%.

The latest round of Western sanctions against Russia over its invasion of Ukraine is beginning to hurt the country's economy, as Russian Finance Minister Anton Siluanov has admitted.

Anton Siluanov, quoted by "CNBC", said that the oil price ceiling imposed by the main G-7 (Group of Seven) economies, as well as the European Union and Australia, is damaging Russian export revenue and will probably increase Moscow's budget deficit, more than the 2% expected for next year.

Price limits on Russia's crude and refined oil exports could force the Kremlin to cut production by between 5% and 7% next year.

"It is still too early to fully assess the impact of the G7 oil price ceiling, but early indicators suggest that Russia's economy is beginning to feel the impact of the sanctions," says Nicholas Farr, an economics expert at Capital Economics, quoted by the newspaper Económico.

"Russia's economy will shrink again in 2023. Meanwhile, the drop in energy revenues means that Russia's economy will come under pressure," says the expert.

The Russian rouble fell by almost 10% against the dollar last week, becoming by far the worst performing emerging market currency after defying expectations for much of the year.