U.S. Treasury Secretary Janet Yellen and British Chancellor of the Exchequer Nadhim Zahawi held a call on Tuesday, during which they discussed a proposed price cap on Russian oil as a possible way to mitigate the impact of the Russia-Ukraine conflict on global energy prices.

They also discussed the need to accelerate financial support for Ukraine, and opportunities to build on existing sanctions on Russia, according to a statement released by the U.S. Treasury Department.