A G7 proposal to cap the price of Russian oil will shrink Russian revenues and bring down inflation, German Finance Minister Christian Lindner told a briefing after announcing the move on Friday.

The Group of Seven wealthy democracies are seeking to build a consensus on implementing the price cap and want all European Union members to sign up to the move, he added.

Russian oil price cap will ease inflation, harm Moscow’s finances, Yellen says

“We want to limit Russia’s revenues, but at the same time reduce the economic damage to our societies,” he said.