The G7 has agreed on a mechanism to limit Russian oil prices.

On September 2, the finance ministers of the Big Seven countries (Great Britain, Germany, Italy, Canada, France, Japan, and the US) confirmed their intention to limit the price of Russian oil. The Ministry of Finance of Germany’s website reports that the schedule for setting the price ceiling will be coordinated with the sixth package of EU sanctions, which provides for an oil embargo beginning December 5 and an oil products embargo beginning February 5. “We reaffirm our joint political decision to prepare and implement a comprehensive ban on services enabling maritime transportation of crude oil and petroleum products of Russian origin worldwide. The provision of such services will only be permitted if the oil and petroleum products are purchased at or below the established price.” the statement read. However, the G7 does not indicate the level of the restrictions.