After months of negotiations, Western nations and their allies have agreed to cap the price of Russian oil at $60 a barrel.
Group of Seven (G7) countries, the European Union, and Australia hope it will reduce Moscow’s ability to fund its war in Ukraine.
The limit only applies to oil transported by sea.
Moscow has already been selling crude at a heavy discount to major buyers including China and India.
A spokesman says Russia won’t accept the move.
Ukraine’s president has called it a “disappointment”, saying the price should be lowered to $30 a barrel.
So what will the cap achieve?
Presenter: Dareen Abughaida
Sergei Markov – Director at the Institute of Political Studies in Moscow
Ulrich Brueckner – Professor of political science at Stanford University in Berlin
Chris Weafer – CEO of Macro-Advisory, a consultancy focused on Russia and Eurasia