G-7 looks to recruit more countries on Russian oil cap before negotiating details, officials say

Two months after they agreed to explore price limits on Russian oil sales, G-7 countries are still trying to recruit more countries to join their efforts.

One European official requested anonymity to discuss sensitive deliberations, saying that the coalition has to be broader.

Major democracies have stopped the import of Russian oil. If the sale is below a set price, they will ban the shipping of Russian oil.

Russian President Vladimir Putin chairs a meeting of the State Council Presidium on the development of the national tourism industry in Vladivostok, Russia September 6, 2022.

The goal is to keep Russian oil on the market to avoid supply disruptions.

China, India, and Turkey have yet to say if they will join in the price cap or negotiate their own deals with Russia. The amount of leverage Western nations have in setting prices could be determined by their participation.

A senior Treasury official told CNBC that it was premature to talk about the price.

The UN General Assembly in New York, meetings of the International Monetary Fund and World Bank in Washington, and multilateral summits overseas will all be used to discuss the mechanism. The Group of 20 nations are expected to make a decision by the time they meet in Indonesia in late November.

The European official said that they expected the G-20 countries to communicate their participation by that time. No discussions of the specific price under which to allow sale of Russian crude oil, high value refined products and low value refined products have taken place among allies.

The European official said that they have notions of what figures can be.

The price cap was announced at the conclusion of the recent Alpine summit by the G-7 negotiators. The U.S. doesn't need China or Russia to participate in the policy to have its intended effect

The initiative is already paying off because countries are buying Russian oil at greatly discounted prices. "We are having an effect."

The price cap is expected to take effect by the end of the year, according to a senior White House official.

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