TOKYO, September 2. /TASS/. Oil supplied from the Sakhalin-2 oil and gas project is not subject to the price cap on Russian oil the G7 finance ministers agreed to introduce on Friday, the Kyodo news agency reported citing a source at the Japanese Finance Ministry.

Earlier, on Friday, the G7 finance ministers issued a statement announcing intention of the G7 countries to introduce a price cap on Russian oil. To do this, they want to create a "broad international coalition" and prohibit the provision of any services for the sea transportation of Russian oil if it is sold at a price higher than the price cap agreed by the "broad coalition".

The Sakhalin-2 project involves the development of the Piltun-Astokhskoye and Lunskoye fields off the Sakhalin coast. The recoverable reserves are estimated at 150 million tonnes of oil and 500 billion cubic meters of gas.

On August 2, Russian Prime Minister Mikhail Mishustin signed the decree on establishment of the Sakhalin Energy LLC, the new operator of the Sakhalin 2 oil and gas project. The company is registered in Yuzhno-Sakhalinsk.

In accordance with the executive order of the Russian President signed on June 30, Sakhalin Energy [previous operator - TASS] shareholders should agree to take participation interests in the created company in proportion to interests in the previous operator within one month. The controlling stake (50% plus 1 share) in Sakhalin Energy belongs to Gazprom, Shell has 27.5% of the shares, Mitsui and Mitsubishi own 12.5% and 10% respectively.