Reuters reported the information.The Group of Seven (G7) coalition is preparing to implement two distinct price caps on Russian refined petroleum products next month, escalating its efforts to curb the financial streams powering Moscow’s invasion of Ukraine.Building on the $60 per barrel cap on Russian crude oil introduced on Dec. 5 alongside an EU import embargo, the new measures are slated to take effect on Feb. 5. These caps will specifically target refined products such as diesel, kerosene, and fuel oil.However, capping these products presents a more intricate challenge than limiting crude prices. A G7 official explained that the coalition is considering two separate caps because different products trade at vastly different values; diesel and kerosene typically trade at a premium to crude oil, while fuel oil often sells at a discount.The strategy represents a delicate balancing act for the coalition—comprising Australia, Canada, Japan, the United States, and the European Union. While the primary goal is to deprive the Kremlin of vital export revenue, officials are simultaneously working to avoid unbalancing the global energy market, which could lead to price spikes for consumers in their own nations.The stakes are particularly high for Europe, which remains heavily reliant on Russian energy. According to Refinitiv data, Russian volumes accounted for nearly half of the continent's total diesel imports last month. Complicating matters further, Russia has pledged not to sell oil to any country that adopts these price caps.