The Group of Seven wealthy nations on Friday agreed on a plan to implement a price-capping mechanism on Russian oil exports, seeking to curtail the Kremlin’s ability to fund its war in Ukraine and better protect consumers amid soaring energy prices.

Finance ministers representing the G-7 nations said in a joint statement they recognized that, for the European Union, unanimity among the 27-nation bloc is required.

The initial price cap would be set “at a level based on a range of technical inputs.”

The statement from the G-7 added that the price cap’s effectiveness and impact would be closely monitored and revisited as necessary. The G-7 is comprised of the U.S., Canada, France, Germany, Italy, the U.K. and Japan.