The Group of Seven nations, Australia and the European Union have announced price caps on Russian oil products in an effort to limit Moscow's funds for its invasion of Ukraine.

The US government says the countries will introduce the caps on Russian seaborne refined oil products on Sunday.

The caps will be set at 100 dollars per barrel for diesel fuel and some other products and 45 dollars per barrel for products including heavy oil.

The measure follows the price cap of 60 dollars per barrel on Russian crude oil that the G7 and other countries established in December.

US Treasury Secretary Janet Yellen led negotiations on the caps. She said in a statement that the agreement among the countries helps advance their goal to limit Russia's key revenue generator for funding its illegal war.