The G7 intends to hit Russia’s economy by implementing a price cap on Russian oil transports, as it is cited in the G7 Finance Ministers’ Statement which detailed a united response to Russia’s war aggression against Ukraine.

According to an article by Carnegie Endowment for International Peace by Sergey Vakulenko, G7 leaders are facing impending economic decline and inflation rises in their countries and are proposing to limit Russia’s oil revenues to avoid gas shortages due to the Russia-Ukraine war. The G7’s plan is to decrease Russia’s oil outcomes and prevents a rise in oil prices, forcing Russia to put its oil on the market at or below the price cap. It is also expected that Russia will shorten its output in response to the pressure, and it could leave an opportunity for the Arab countries to increase their oil exports. India and China are the biggest customers of Russian oil currently, however, it is yet to be known whether they will join the price cap coalition or not.

Up to this time, Russia’s stance on the price cap is uncertain, but they believe and are prepared From the Kremlin's point of view, their economy is in a healthier situation compared to other countries, so they are well prepared to resist such sanctions.