Russia could bypass the G7 plans to cap oil prices and still export 90% of its oil, a US Treasury official said.

The G7 countries are working on a plan to cap Russian oil prices until the end of the year. Full details of the price cap have yet to be worked out, and the proposal has so far met with lukewarm response from Russia's allies, such as India, which have bought Russian oil at a discount.

Russia has announced that it will completely stop selling oil to any country that imposes a price cap, which some experts say will hurt the country's finances. But even if Russia refuses to follow the price cap, the country still has the resources to circumvent those sanctions and export 80 to 90 percent of its oil, an anonymous US Treasury official told Reuters.

This is due to the fact that Russia still has access to tankers, which is enough to bypass the price cap.

In addition, current price cap rules allow shipping and insurance companies to operate under the system.

Russia exported more than 7 million barrels of oil per day in September, according to Reuters, meaning 5 to 6 million barrels of crude oil per day could still flow into the spot market. That would leave most of Russia's oil revenues intact while cutting global oil supplies by another 1-2 percent, potentially pushing up oil prices.