Although the Group of Seven (G7) finance ministers did not specify the cap's level on Friday, they said, "We commit to work urgently on the finalization and implementation of this measure."
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Russia to Embargo Countries in Support of Cap on Its Oil Prices
According to a joint statement from the group consisting of Canada, France, Germany, Italy, Japan, the U.K. and the U.S., the price ceiling measure is intended to reduce Russia's revenues and, at the same time prevent the closure of Russian crude oil on the international market.
For the measure to be effective, the group intends to establish a broad coalition to urge countries seeking to import Russian oil and oil products to comply with an agreed price cap.
The ministers said their objective is to "align implementation with the timing of related measures within the E.U.'s sixth sanctions package."
Russia, for its part, has opposed such a plan, saying that only countries not endorsing the price ceiling will get its oil.
In this sense, Deputy Prime Minister Alexander Novak said "to those companies or countries that impose restrictions, we will not supply our oil and oil products, because we will not work on non-market conditions."