Bloomberg reported Wednesday that the US and its allies have discussed trying to cap the price of Russian oil around $40-$60 per barrel as the West wants to limit Russia's profits without sending the price of oil even higher. Oil is currently hovering around $100 per barrel on the global market.

But the US-proposed plan is doomed to fail as it requires Moscow's cooperation, and experts are warning if Russia retaliates by cutting production, prices could skyrocket. Analysts at JPMorgan Chase said in the worst-case scenario, oil prices could soar to $380 per barrel.

Last week, President Biden attended a G7 summit in Germany, and the G7 leaders released a joint statement that said they were exploring the idea of a price cap on Russian oil. Japan, a G7 nation, has reportedly put forward a proposal to implement the price cap, prompting warnings from Russia.

Former Russian President Dmitry Medvedev, who currently serves as the deputy chairman of Russia's Security Council, warned Japan that implementing the price cap could bring prices above $300-$400 per barrel, signaling Moscow would retaliate.

"There will be significantly less oil on the market, and its price will be much higher. Moreover, higher than the predicted astronomical price of $300-400 per barrel," Medvedev said.

Japanese experts told the Russian news agency Tass that they don't think the price cap is practical since it requires cooperation from China and India, which have significantly increased their purchase of Russian oil and are already buying it at a discount.