The Group of 7 advanced economies have agreed to impose a price cap on Russian oil, prompting Moscow to threaten to suspend oil exports.

Under the agreement reached by G7 finance ministers, countries that sign up to the policy will only be permitted to purchase Russian oil and petroleum products transported via sea that are sold at or below the price cap.

The bloc has also asked countries around the world to join the move.

In response, Russia said the decision will destabilize the market and threatened to stop selling oil to countries that imposed price caps.

Meanwhile Russia's energy giant Gazprom announced an indefinite shutdown of the Nord Stream 1 pipeline on Friday evening as it was due to resume gas delivery to Germany on Saturday morning. The move came hours after the G7 price cap agreement.

The state-owned oil and gas firm said that supplies would remain halted indefinitely after a leak was detected and the pipeline would not restart until repairs were fully implemented.

Amid the energy crisis affecting Europe, France said it will resume operations of all its nuclear reactors this winter. 

In Italy, the professional football league is also joining efforts to save electricity by reducing stadium lighting hours, among other measures.