"The G7 leaders discussed the price cap as a way of achieving the objective of … keeping global markets supplied with energy, while preventing the Kremlin from earning revenues that will allow it to continue prosecuting its war against Ukraine," Kritenbrink said on Tuesday. "And we expect that at the G20. This issue of energy security would be something that Secretary Blinken is discussing in not only the formal sessions but also with his bilateral counterparts."
During the Group of Seven (G7) meeting in Germany June 28-30, the leaders of the seven most economically most advanced states issued a communique saying they will consider introducing new restrictions on the transport of Russian oil if Moscow does not agree to reduce oil prices.
The G7 leaders also reaffirmed their commitment to curb their countries' dependence on Russian energy products, including through phasing out or banning the import of Russian oil and coal.
At the same time, the G7 encouraged oil producer countries to scale up their production to defuse tension in energy markets and mitigate impact on the most vulnerable and impacted countries.
The G7 communique said that the oil price cap scheme could be implemented through the options such as allowing Russian seaborne crude oil and petroleum products to be shipped worldwide only if they are purchased at or below an agreed price threshold.