The Group of Seven richest economies aim to have a price-capping mechanism on Russian oil exports in place by Dec. 5, when European Union sanctions banning seaborne imports of Russian crude come into force, a senior G7 official said.
"The goal here is to align with the timing that the EU has already put in place. We want to make sure that the price cap mechanism goes into effect at the same time," said the official, who asked not to be named.
The G7 - the United States, Canada, Japan, Germany, France, Italy and Britain - said last month they would consider setting a price cap on Russian crude to curb the oil revenue that Moscow uses to finance its invasion of Ukraine.
Since then there have been efforts to bring on board China and India, which are already buying Russian oil at a discount to the market price.