"The G7 will approve today a new package of coordinated actions aimed at increasing pressure on Russia over its invasion of Ukraine. In addition, the G7 will finalize plans to limit the price of Russian oil.

This was reported by Reuters.

"The dual goal of the G7 leaders was to directly target Putin's revenues, especially at the expense of energy, and to minimize the side effects and impact on the G7 economy and the rest of the world," the official said in a briefing on the sidelines of the annual G7 summit.

Western countries are seeking to increase pressure on Russia without fueling the already rapid inflation that particularly affects the south of the planet. Restricting prices could hit the Kremlin's pocketbook by actually lowering energy prices.

The G7 leaders will also make "an unprecedented long-term security commitment to provide financial, humanitarian, military and diplomatic support to Ukraine for as long as necessary," including the timely provision of sophisticated weapons, according to a White House fact sheet.

Recall that oil prices continued to rise on Monday, June 27, as the leaders of the Group of Seven (G7) countries meeting in Germany may take steps against Russian oil and gas exports.