The G7 countries intend to introduce a mechanism to limit prices for Russian oil exports by December 5, when European Union sanctions banning offshore imports of Russian oil take effect, a senior G7 official told Reuters.

"The goal here is to align with the timing that the EU has already put in place. We want to make sure that the price cap mechanism goes into effect at the same time," said the official, who asked not to be named.

The G7 said last month that it would consider setting a price ceiling on Russian oil. Since then, attempts have been made to engage China and India, which already buy Russian oil at a discount compared to the market price.

"We've already heard from a number of Asian countries that are interested in either joining the coalition or better understanding the price point at which the price will be set in order to strengthen their hand in their negotiations with the Russians over future contracts," the G7 official said.

For this reason, he said, the price set by the G7 will be made public.

China and India are interested in minimizing their oil import costs because they are concerned about the impact on the budget due to often subsidized retail prices and inflation, he said.

The G7 wants the price of Russian oil to be set by members of the buyer cartel at a level above the cost of production in Russia so that the Kremlin has an incentive to keep pumping oil, but well below the current high market prices.

The official said it would be difficult for Russia to sell its oil to other countries because EU sanctions include a ban on all financial services related to Russian oil trade, including insurance, reinsurance and cargo and ship financing.