WASHINGTON: G7 Finance Ministers have agreed to impose a price cap on Russian oil, United State Treasury Secretary Janet Yellen said in a statement without mentioning implementation details.

Yellen was quoted by Xinhua news agency as saying in the statement on Friday that by agreeing to finalise and put into effect a price cap, the G7 will significantly reduce Russia's primary source of funding for the war in Ukraine while maintaining supplies to global energy markets by keeping Russian oil flowing at lower prices. 

Yellen said, today's decision will help deal a serious blow to Russian finances, impede Russia's capacity to continue the conflict in Ukraine, and expedite the decline of the Russian economy. The Treasury Secretary further said, "I look forward to working with our G7 allies - as well as new coalition partners, as we move swiftly to finalise the implementation of the price cap in the weeks to come.

Alexander Novak, the deputy prime minister of Russia, blasted the G7's idea as absolutely ludicrous and threatened to withhold oil and petroleum products from nations that accept price restrictions. He also warned that such a move might entirely destabilise the world oil market.

According to a recent report from the International Energy Agency,  Russia's oil export revenue surged 40% from the average level last year in June despite Western sanctions.

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