The G7 is looking at all options to improve global energy stability and prevent Russia from profiteering, including blocking the transportation of Russian oil unless it was purchased at or below a set price, its foreign ministers said on Tuesday.

"We remain committed to considering a range of approaches, including options for a comprehensive prohibition of all services that enable transportation of Russian seaborne crude oil and petroleum products globally, unless the oil is purchased at or below a price to be agreed in consultation with international partners," the joint statement, published on the British government website said.

"In considering this and other options, we will also consider mitigation mechanisms alongside our restrictive measures to ensure the most vulnerable and impacted countries maintain access to energy markets including from Russia."