The Group of Seven (G7) finance ministers on Friday reached an agreement to impose a price cap on Russian oil, according to a joint statement issued by the bloc.

"We aim to implement a price cap with a timeline for related measures in the EU's sixth sanctions package," read the statement.

The ministers also appeal to all countries to provide input on the price cap's design and to implement this important measure. 

Europe needs to impose a price cap on Russian pipeline gas, EU Commission chief Ursula von der Leyen said earlier on Friday, to foil what she said were Russian President Vladimir Putin's attempts to manipulate the bloc's energy market.

The Kremlin said on Friday that Russia would stop selling oil to countries that impose price caps on Russia's energy resources, saying it would lead to significant destabilization of the global oil market.

"Companies that impose a price cap will not be among the recipients of Russian oil," Kremlin spokesman Dmitry Peskov told reporters, echoing an announcement made by Deputy Prime Minister Alexander Novak on Thursday.

(Cover: Oil pumpjacks operated by Yamashneft (part of Tatneft), near Yamashi in the Almetyevsk District, Tatarstan, April 14, 2022. /CFP)