The G7 group of wealthy nations backed a plan on Friday to cap the prices of Russian oil exports to limit its ability to fund the war in Ukraine.

The plan will allow insurers only to cover tankers carrying Russian-origin oil if the cargoes are sold at or below a price cap, the group said in a statement.

The level of the cap has not been set and the G7 called on all countries to help design the programme to ensure that it worked successfully.