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The U.S. Treasury’s Office of Foreign Assets Control will soon issue preliminary guidance on how firms should go about implementing a price cap on crude oil from Russia aimed at reducing the country’s ability to finance the invasion of Ukraine, the agency announced Friday.

OFAC’s guidance will give a “high-level overview” of the cap and the steps U.S. banks and other firms should consider taking to comply with the mechanism, which officials said will function by banning the provision of services tied to the seaborne transportation of Russian-origin crude oil and petroleum products above a price to be determined by the Group of Seven and other nations.

G-7 finance ministers meanwhile reaffirmed their commitment to enforcing existing restrictions against Russia and pledged to “remain vigilant against sanctions evasion, circumvention and backfilling,” while U.S. Treasury Secretary Janet Yellen emphasized in a separate statement that the price cap will “significantly reduce Russia’s main source of funding for the war in Ukraine.”