The European Commission proposed a floating price cap on Russian oil, 15% below the average market price, to curb Russia’s ability to finance the war in Ukraine. The G7 price cap, set at $60 a barrel, is being revised every three months. The U.S. has not agreed to lower the cap, prompting the EU to push ahead on their own. Despite the current cap, Russia’s Urals oil remains $2 per barrel below the limit. The Kremlin stated it has experience in tackling challenges like the proposed floating price cap. EU sanctions require unanimous agreement from member states.

Read more at Yahoo Finance: European Commission proposes Russian oil price cap 15% below global price