Pump jacks are seen at Imilorskoye oil field outside the west Siberian city of Kogalym, Russia (Photo: Reuters/ VNA)

The G7 and Australia said in a statement the price cap would take effect on Monday or very soon thereafter.

The EU agreed on the price on Friday after holdout Poland gave its support. The price cap, a G7 idea, aims to reduce Russia’s income from selling oil while preventing a spike in global oil prices after an EU embargo on Russian crude takes effect on December 5.

A member of Russia’s Federal Assembly called the move a violation of market regulations.