The U.S. Treasury Department said that Secretary Janet Yellen met with British Chancellor of the Exchequer Nadhim Zahawi last Wednesday and discussed efforts to impose a price cap on Russian oil in order to reduce global energy prices and restrict Russia's revenues.

The department added in a statement that the two ministers also discussed supporting Ukraine's economic assistance needs resulting from the Russian war.

Meanwhile, the White House said that the finance ministers of the Group of Seven countries will discuss a proposal from President Joe Biden's administration to impose a price cap on Russian oil when they meet tomorrow, Friday.

White House spokeswoman Karine Jean-Pierre told reporters: "We believe that this is the most effective way to severely impact Russian President Vladimir Putin's revenues, and implementing this will result not only in a decline in Putin's oil revenues, but also in global energy prices."

She added: "The proposal will be discussed this week at the Group of Seven finance ministers' meeting ... which will be held on Friday."

The leaders of the Group of Seven are discussing how to formulate such a price cap and are considering other alternatives, including hindering the transport of Russian oil.

The Group of Seven includes the United States, Germany, Japan, Italy, the United Kingdom, France, and Canada.