G-7 leaders have agreed to explore the possibility of setting price caps on Russian oil and gas imports to try to limit Moscow's ability to fund its invasion of Ukraine, Reuters reported.

The European Union will explore with international partners ways to curb energy prices, including the feasibility of introducing temporary import price ceilings, according to the final communiqué of the G-7 summit in Germany which is being held at Elmau Castle.

The group of seven rich nations is discussing a global cap on Russian energy prices to prevent Moscow from taking advantage of its invasion of Ukraine, which has dramatically raised oil and gas prices.

Revenues from Russian oil exports rose in May, although sanctions reduced its exports, the International Energy Agency said in its June monthly report.

The United States was the first to call for a mechanism to limit the price other countries pay for Russian oil.

The idea is to tie financial services, insurance and the supply of oil cargo to a ceiling on Russian oil prices. Thus, if a shipper or importer wants these services, they will have to commit to selling Russian oil for a certain maximum price.

Italy, whose economy relies on Russian energy, has insisted that the concept of price caps include natural gas.

According to France, the price cap mechanism must go beyond Russian products in order to reduce prices more widely, including for G7 countries seeking to supply energy from elsewhere.

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