Price cap on Russian oil takes effect

The $60-per-barrel ceiling set by Western nations is roughly on par with the approximate $60 price tag Russian oil had on Friday. The Brent Crude oil benchmark—which measures the price for oil in certain overseas markets—perched at roughly $84 on Monday. Russia has said that it will not cooperate with the price cap even if it means selling less oil.

Why the cap? The European Union and the Group of Seven industrial nations want to put a chokehold on Russian finances, limiting the funding for its invasion of Ukraine. Kremlin spokesman Dmitry Peskov responded that Russia has plenty of money to keep its operation going.

Dig deeper: Read a report from this year’s World Journalism Institute students about how the war in Ukraine pushed prices higher in the U.S. supply chain.