"We remain committed to taking additional initiatives in response to violations of oil price restrictions," the group said in a statement after the Washington meeting. Those further steps were not detailed.
In December 2022, the G-7, along with the European Union and Australia, agreed to pressure buyers of Russian oil not to exceed a certain price ceiling.
The aim of the agreement was to limit sales and revenues from Russian oil without restricting exports so sharply that it would cause world oil prices to spike.
But some countries, notably China, have continued to import Russian crude without complying with the price cap.
The G7 finance ministers also said they would take additional measures aimed at "increasing Russia's spending on using the shadow fleet to evade sanctions".
Officials say Russia is using its shadow tanker fleet, many of which are old, unmarked and poorly maintained, to evade sanctions by transporting oil without properly declaring its cargo or route.
Sometimes tankers load or transfer their cargo at sea to avoid unwanted attention.
The United States and the EU have imposed sanctions on several of these ships and their owners, in particular the Russian state shipping company Sovcomflot.
The G7 ministers said they intended to "step up efforts to prevent financial institutions from supporting Russia's circumvention of our sanctions".
According to the US Office of Foreign Assets Control, Russian financial institutions have developed a network of foreign subsidiaries to facilitate the purchase or sale of sanctioned goods.
The G7 ministers were joined at Saturday's meeting by the heads of the central banks of the seven countries, as well as senior officials from the International Monetary Fund (IMF), the World Bank and the Organisation for Economic Co-operation and Development (OECD).
On Friday, the G-7, which brings together seven of the world's most advanced economies, announced that it had reached an agreement to provide Ukraine with a loan of about $50 billion.
The loan will be repaid not by Ukraine but with interest - about $3 billion a year - generated by Russian assets seized and frozen after the war began in February 2022 | BGNES
