G7 countries will plan to cap Russian oil prices to ease pressure on world market - FT

This was reported by the Financial Times with reference to James O'Brien, the coordinator of sanctions at the US State Department.

"A price cap ensures that every country can get the lowest possible price, and that's good for the world," he said.

It is noted that the G7 are ready to support a plan to cap Russian oil prices to ease pressure on the world market. The restrictions will be introduced simultaneously with the EU embargo on the import of Russian oil, which will come into effect on December 5 for crude oil and on February 5 for petroleum products.

The price cap is supported by the European Commission, but needs support from EU member states.  Once the G7 approval becomes official, diplomats will have to convince European Union member states to change the sixth package of sanctions against Russia over its invasion of Ukraine.