The World Bank stated on Wednesday that the Group of Seven's proposal to impose a price restriction on purchases of Russian oil would require the involvement of emerging markets and developing economies to fulfill its goals.

"The proposed G7 oil price cap could affect the flow of oil from Russia, but it is an untested mechanism and would need the participation of large emerging market and developing economies to achieve its objectives," the World Bank said in a new commodity markets outlook.

In another context, the US natural gas prices are expected to have doubled from their five-year average by 2024, while those in Europe will have quadrupled, according to the World Bank's most recent commodities markets outlook report, which was released on Wednesday.

"By 2024, Australian coal and U.S. natural gas prices are expected to be double their average over the past five years, while European natural gas prices could be four times higher," the report stated.

Earlier this month, the EU finally reached an agreement to impose a price cap on Russian oil sales to third countries, in an attempt to block Moscow's use of EU-registered vessels for its oil exports, all while excluding pipeline deliveries from the 8th round of sanctions on Russia, Politico Europe reported.

US Treasury Department announced in a guidance document released at the beginning of September that buying considerable amounts of Russian oil above the price cap agreed upon or providing fraudulent data or documentation of the transactions may bring about sanctions enforcement, while G7 finance ministers and central banks stated that the decision to impose price caps on Russian oil was adopted unanimously at a virtual meeting of the group.

The price ceiling will go into force on December 5 for crude oil and February 5 for Russian refined goods. Following the G7 decision, the European Commission has already stated that it will take steps to put a price ceiling on Russia's oil by December.