The Group of Seven has decided on imposing a cap on Russian oil prices, confirming that it has agreed to the step and will implement it urgently.

Today, the Group of Seven announced that it will "urgently" impose a cap on the price of Russian oil, calling for a "broad coalition" of countries to join this measure, in a statement issued on Friday.

The finance ministers of the Group of Seven wrote in the statement that "the price cap will be set at a level based on a series of technical data and will be approved by the coalition as a whole before being implemented," confirming that future prices "will be publicly determined clearly and transparently."

A Sky News correspondent reported that the Group of Seven finance ministers agreed on the step aiming to reduce the revenues that fund the war Moscow is waging on Ukraine while maintaining crude oil flow to avoid price increases.

In a tweet on Twitter, Sky News correspondent Tamara Cohen quoted British Finance Minister Nadhim Zahawi saying, "We will limit (Russian President Vladimir) Putin’s ability to fund his war from oil exports by banning services such as insurance for ships carrying Russian oil and providing financing for them above the agreed price cap."

German Finance Minister Christian Lindner also said in a press statement after announcing the step that the Group of Seven’s proposal to set a cap on Russian oil prices will reduce Russian revenues and inflation.

He added that the group is seeking consensus on the implementation of the price cap and wants all European Union members to participate in this step.

He said, "We want to limit Russia’s revenues, while minimizing the economic damage to our societies at the same time."

Meanwhile, Japanese Finance Minister Shunichi Suzuki welcomed the agreement by the Group of Seven finance ministers, calling for quick implementation of the plan.

He added in remarks to reporters that the cap could help ease rising energy prices and inflation.

Earlier today, the Kremlin said that Russia will stop selling oil to countries that impose a price cap on Russian energy resources, which Moscow said would lead to a major destabilization of the global oil market.

Kremlin spokesman Dmitry Peskov told reporters in a conference via phone, "Companies that impose a price cap will not be among those receiving Russian oil," endorsing comments made by Russian Deputy Prime Minister Alexander Novak on Thursday.

Peskov added, "Simply put, we will not cooperate with them on non-market principles."

The European Union earlier this year imposed a partial ban on purchases of Russian oil, which Brussels says will stop 90 percent of Russia’s exports to the 27-country bloc when fully implemented.

Peskov pointed out that European citizens are the ones paying the price for such measures, which came in response to Moscow’s military operation in Ukraine.

He added, "Energy markets are agitated. This is mainly in Europe, where anti-Russian measures have led to a situation where Europe buys liquefied natural gas from the United States at a lot of money - unjustified money. American companies get richer and European taxpayers get poorer."

Peskov said that Russia is studying how setting a price cap on its oil exports might affect its economy.

He added, "One thing can be said with confidence: such a move will severely destabilize the oil markets."

Before Russia sent tens of thousands of soldiers to Ukraine in February, Europe was the destination for nearly half of Russia’s crude oil and petroleum products exports, according to the International Energy Agency.