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."
The Russian energy major Gazprom extended the shutdown of gas flows through its key Nord Stream 1 pipeline to Germany on Friday evening, providing no timeframe for a reopening.
The move came hours after G7 countries agreed to impose a price cap on Russian oil
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."