Finance ministers and central bank governors from the G7 countries discussed the possibility of lowering the agreed price cap on Russian oil if Moscow refuses to agree to a ceasefire, Reuters reported on Friday.

The idea was raised during a G7 meeting in Canada on Thursday. European officials told Reuters that the proposal would see the price cap reduced from its current level of $60 per barrel to $50, as the price of Russia’s Urals crude has already fallen below that threshold.

However, the final communiqué from the meeting did not mention any changes to the price cap. According to Reuters, the United States is “not convinced” that such a move is necessary. Instead, the document stated that if ceasefire efforts in Ukraine fail, the G7 will consider all available options to increase pressure on Russia, including tighter sanctions.

The communiqué also said that Russian assets held under G7 jurisdiction will remain frozen until Moscow ends the war and compensates Ukraine for the damage it has caused.

Additionally, it stressed that no country that contributed to financing Russia’s full-scale invasion should benefit from Ukraine’s postwar reconstruction, a point Canadian Finance Minister François-Philippe Champagne described as a fundamental pillar of the document.