US Assistant Secretary of Treasury for Terrorist Financing and Financial Crimes Elizabeth Rosenberg said the process of determining a price for the Russian oil price cap agreement has begun.

Commenting on whether the price has been set for the price cap on Russian oil during a congressional hearing, Rosenberg said, "The process has begun to set the price."

Responding to a question on whether the price had been set, Rosenberg said, "We are in the process, senator, of doing so."

Elsewhere in her remarks, she affirmed that the US will impose sanctions on participating countries that do not adhere to the Russian oil price cap.

When asked if there will be sanctions or penalties imposed on participating countries and entities that do not adhere to the oil price cap, Rosenberg replied, "Yes."

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Rosenberg stated that if entities outside of the G7 countries violate these measures and "in some way have a jurisdictional hook to ours," there is a possibility of going after them.

Russian President Vladimir Putin has lately stated that Russia will stop supplying oil and gas to countries that impose price ceilings.  

Capping prices, as some Western countries are considering, "would be an absolutely stupid decision," Putin told the Eastern Economic Forum in the Pacific port city of Vladivostok.    

"We will not supply anything at all if it is contrary to our interests, in this case economic (interests)," he said. "No gas, no oil, no coal, no fuel oil, nothing."      

The G7 industrialized nations pledged to work quickly to establish a price cap on Russian oil imports in order to cut off a key source of funding for Moscow's military activity in Ukraine, according to the group.

Putin stated that Russia will honor its contractual responsibilities and hoped that other countries would follow suit.