Finance chiefs from the Group of Seven advanced economies agreed Friday to cap Russian oil prices in their latest effort to squeeze Moscow's revenues for its war in Ukraine while preventing global energy prices from surging by keeping crude flowing.

The measure will take effect on Dec. 5 for crude oil and Feb. 5 for petroleum products, Japanese Finance Minister Shunichi Suzuki told reporters after the virtual meeting that also involved Britain, Canada, France, Germany, Italy and the United States, plus the European Union.

The initial price cap will be set "at a level based on a range of technical inputs," the G7 finance chiefs said in a statement, noting that its impact will be closely monitored and the price level will be revisited as necessary.