The G7 want the price of Russian oil to be set by members of the buyers' cartel at a level above the cost of production in Russia, so that the Kremlin has an incentive to keep pumping, but well below current high market prices.
According to the agency, the G7 intends to put into effect a mechanism to limit prices for Russian oil by December 5.
According to Russian Deputy Prime Minister Alexander Novak, Russia will not supply oil to the world market if, following the price restrictions discussed by the G7 countries, it turns out to be lower than production costs.
As US Deputy Secretary of State Victoria Nuland noted, the presence of Russian oil on the world market should be maintained, since in the event of a shortage of oil, a new increase in prices will occur.