WASHINGTON – Members of the Group of Seven (G7) and Australia have agreed to set the price cap on Russian oil at the level of $60 per barrel, the countries said in a joint statement.

"The G7 and Australia, as current members of the Price Cap Coalition, on 2 December 2022 reached consensus on a maximum price of 60 U.S. dollars per barrel for seaborne Russian-origin crude oil," the statement says.

The decision will enter into force "on 5 December 2022 or very soon thereafter.".

The price cap on petroleum products, agreed by the G7 and Australia, will come into force on February 5, 2023, the countries said in a joint statement.

"We reiterate our decision that the price cap on Russian-origin petroleum products will enter into force on 5 February 2023. We will announce the maximum prices for Russian-origin petroleum products (one for high-value and one for low-value refined products) separately," the statement says.

Countries of the Group of Seven and Australia are set to gradually phase out the use of Russian oil on their domestic markets, according to a joint statement released.

"We reaffirm our intention to phase out Russian-origin crude oil and petroleum products from our domestic markets," the document says.

"This commitment remains unchanged by the implementation of the price cap." (TASS)