Washington, Sep 3 G7 Finance Ministers have agreed to impose a price cap on Russian oil, US Treasury Secretary Janet Yellen said in a statement without specifying implementation details.
Today's action will help deliver a major blow for Russian finances and will both hinder Russia's ability to continue the fight in Ukraine and hasten the deterioration of the Russian economy, she said.
"I look forward to working with our G7 allies - as well as new coalition partners, as we move quickly to finalize the implementation of the price cap in the weeks to come," the Treasury Secretary added.
Calling G7's plan completely absurd, Russian Deputy Prime Minister Alexander Novak said his country would not supply oil and petroleum products to those countries that support the price caps, warning the measure could destroy the global oil market.
Despite Western sanctions, Russia's revenue from oil exports in June increased 40 per cent from the average level last year, according to a recent report from the International Energy Agency.
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