The official said leaders aim to further restrict Vladimir Putin's cash flow, bring down prices at the gas pump and provide greater stability to energy markets.

Leaders were said to be zeroing in on the way Russian oil is shipped.

official said G-7 leaders are planning to direct their governments to take urgent steps to design a price cap mechanism for countries that do not participate in the economic alliance.

Treasury Department will introduce blocking sanctions on private military companies operating in Ukraine and Russian officials trying to exert authority in contested areas.

Biden and G-7 leaders announced a ban on new imports of Russian gold on the first day of their summit.

Gold banned: Biden bans Russian gold imports as G-7 considers new sanctions over Ukraine war: Recap

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