EU agrees on Russian oil price cap: Will it make a difference?

European Union countries have agreed to put a cap on the price of Russian oil - currently at 60 dollars a barrel. The move aims to reduce Moscow's ability to fund its war in Ukraine with revenue from petroleum exports.
The EU joins the United States and other G7 nations in sanctioning Russian oil, which recently traded at about 65 dollars a barrel. The measure will come into effect on Monday, and intensifies Western pressure on the Kremlin over its invasion of Ukraine. European Commission President Ursula von der Leyen said the price cap would have a wide range of implications.