Japanese Prime Minister Fumio Kishida and U.S. President Joe Biden agreed to coordinate closely over sanctions against Russia, including a price cap on Russian oil, a Japanese government official said Monday.

The G-7 leaders meeting in southern Germany has agreed on the importance of imposing a price cap on Russian oil exports to prevent Moscow from funneling revenue to keep on fighting its war against Ukraine, according to the official.

Combined photo shows U.S. President Joe Biden (R, Getty) and Japanese Prime Minister Fumio Kishida. (Kyodo)

Under such circumstances, Kishida and Biden confirmed they will coordinate closely in working out details, such as how the envisaged price cap would work, the official added.

Biden visited Japan in May for the first time since becoming president in 2021. Kishida and Biden strongly condemned Russia's aggression as shaking the foundation of the global order as the allies shared concerns about an assertive China in the Indo-Pacific region.

During the talks on Monday, the two confirmed they will work toward the successful launch in July of ministerial talks on the economy under the so-called two-plus-two framework.

The envisaged dialogue framework would likely focus on ensuring economic security and robust supply chains of key items such as semiconductors.

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