The G7 group said that it would urgently conduct a ceiling price for imported oil from Russia, in order to prevent Moscow gain from high energy prices.

The G7 Finance Ministers today announced that they would urgently work to complete and take measures to apply ceiling price with Russian oil, but did not specify the ceiling level.

Russia has benefited from economic instability in the energy market caused by conflict, as well as making a great profit from oil exports.

Linder added that the purpose of the ceiling price is to prevent the important financial resources for Russia's Ukrainian campaign, as well as prevent global energy prices from increasing.

An oil well near the city of Normeyugansk, north of Russia in 2004. Photo: Reuters.

Financial Ministers said G7 sought to establish a large alliance to support the ceiling price to maximize the effectiveness of this measure.

The further promotion of more countries agreed to impose a ceiling price with Russian oil expected to be an important discussion of leaders at the G20 summit in Bali on November 15-16.

Earlier, the same day, Kremlin emphasized that Russia would stop selling oil to the bare -barrier countries, warning about the instability of the global oil market.

Before Russia put troops to Ukraine in February, Europe received nearly half of the oil exported from Russia.

For many decades depending on Russian gas, it makes it difficult for Europe to find solutions for the prolonged energy crisis when Moscow cuts the supply.

After 6 months of suffering a series of unprecedented sanctions from the West, the Russian economy faced many difficulties, but was still motivated by selling energy.