The cap took effect Monday after a marathon negotiating session between the "Group of Seven" nations, Australia and the European Union.
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What does the new price cap on Russian oil mean for consumers?
Here's what to know about the $60-per-barrel price cap on Russian oil, the EU embargo, and what these developments could mean for U.S. consumers and the global economy.
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Several Western countries began a $60-per-gallon price cap on Russian oil on Monday.
The Group of Seven nations and Australia agreed Friday to adopt a price cap on Russian oil.
Russian authorities rejected a price cap on the country's oil.
The Saudi-led OPEC oil cartel and allied producers including Russia did not change their targets for shipping oil to the global economy.
