It is reported by The Wall Street Journal, citing sources.
The US and allies are set to agree on a cap level for Russian oil prices on Wednesday, with officials discussing setting it at $60 a barrel.
At the same time, the price ceiling can be set at $70, and its application is expected to begin on December 5, the newspaper notes.
Earlier, the US Treasury proposed to set the maximum price for Russian oil in the region of $60.
Russian President Vladimir Putin has said that Russia will not act to its own detriment if Western countries impose a price ceiling on Russian energy resources.
Deputy Prime Minister Alexander Novak also warned that Russia would not supply oil to countries that impose ceilings on energy prices.