This is reported by the Wall Street Journal, citing its own sources.
According to the plan, the G7 countries will ban financing and insurance of Russian oil supplies, except when it is purchased at a set price. These countries cover more than 30% of the global financial system and insure more than 90% of global transportation.
"Our goal is to create a licensing system that will allow Russian oil to flow, but reduce Russian revenues," said US Deputy Treasury Secretary Wally Adeimo.
The plan to limit prices will also apply to petroleum products, in particular gasoline — another important source of Russian export revenues.