OREANDA-NEWS The Group of Seven countries are discussing creating a special cartel aimed at establishing a price threshold for Russian oil, Bloomberg reported, citing U.S. Treasury Secretary Janet Yellen, according to Gazeta.ru.

The agency notes that the creation of a cartel of buyers to ensure a set price of Russian oil could minimize profits of the Russian Federation.

According to Bloomberg sources, the leaders of the European Union, which will meet at the end of May in Brussels to discuss the situation in Ukraine, will also support a cap on Russian oil prices. At the same time, another source pointed out that the implementation of such a plan was still far from becoming a reality.

Earlier, Dalip Singh, Deputy National Security Adviser to the President of the United States, said that the United States and its allies would seek to eventually deprive Russia of any revenue from oil and gas exports.

On February 24, Russian President Vladimir Putin said that he had decided to conduct a military special operation in Ukraine in response to a request for assistance from the heads of the LNR and DNR.