The G7 countries and Australia announced that they had reached an agreement on the maximum price of Russian crude oil, which will be set at $60 a barrel.
The price cap is likely to come into effect on December 5.
The European Union took a decision on Friday.
The G7 countries and Australia considered that the decision aims to curb Russia's resources and reduce the negative impact of its war on Ukraine on global markets.
For her part, US Treasury Secretary Janet Yellen welcomed the announcement by the Group of Seven countries, the European Union and Australia of a ceiling for the price of Russian oil transported by sea.
She said the decision would help restrict Russian President Vladimir Putin's source of income for his war in Ukraine while maintaining the stability of global energy supplies.
The minister said in a statement that capping prices is designed to help protect consumers and businesses from global supply disruptions.
For its part, the Ukrainian presidency said that the Russian economy would be destroyed by setting a ceiling for oil prices.
"We always achieve our goal, Russia's economy will be destroyed and Russia will pay the price and bear responsibility for all its crimes," Andreich Yermak, head of the Ukrainian President's Office, said on the Telegram application.
Russian response
The Russian Embassy in the United States said that Russia has no doubts that its oil will remain in demand on world markets even after the introduction of price caps.
The Russian embassy warned of a widespread increase in uncertainty and high costs for consumers of raw materials, noting that all countries are not immune from imposing a "ceiling" on their export products for political reasons, as she put it.
For his part, Russian Deputy Prime Minister Alexander Novak stressed that Russia will work only on market conditions, and will not sell its oil to countries that will set a price ceiling, neither at $60 a barrel nor at any other price, as he put it.
Russia said on Saturday that it would continue to search for buyers for its oil, despite what it called a "dangerous" attempt by Western governments to impose a cap on the price of its oil exports.
Russian President Vladimir Putin and high-ranking Kremlin officials have repeatedly said they will not supply oil to countries that apply price caps.
The G7 countries and the European Union were negotiating to set a maximum price for Russian oil.
The price ceiling applied to Russian oil is to be reassessed every two months.
The higher shipping cost increases the price discount of the Russian Urals crude
Meanwhile, the discount on Russian Urals crude increased compared to Brent contracts, with the shipping cost rising to unprecedented levels, which makes the proceeds from selling it much lower than the price ceiling agreed upon in the European Union.
Two traders said the cost of shipping Urals crude from Russian ports to China and India has doubled this month.
This raises the cost of shipping to India to about $20 a barrel, and to China to $25.
Many shipowners have refused to transport Russian oil, which has reduced the number of tankers available and increased costs.