The G7 countries agreed to study the issue of imposing a ban on the transportation of Russian oil, which was sold at a price above a certain one, Reuters reports.

The war in Ukraine and its economic fallout, in particular soaring food and energy prices, were the main topics of this year's summit of a group of wealthy democracies in a resort in the Bavarian Alps.

The oil price cap will add to existing Western pressure on Russia over sanctions, which German Chancellor Olaf Scholz has insisted will last until Putin comes to terms with failure in Ukraine.

There is only one way out: Putin must admit that his plans in Ukraine will not succeed, Scholz said at the final press conference of the three-day G7 summit.

The idea behind price caps is to tie financial services, insurance, and oil shipping to a price ceiling. Thus, if a shipper or importer needs these services, he will have to commit to selling Russian oil at a set maximum price.