EU officials have agreed to set a price cap on Russian oil at $60 a barrel.
Starting Monday, seaborne imports of Russian oil into the EU will be banned, as will European insurance and shipping services for vessels carrying Russian oil anywhere in the world.
How would the oil price cap work?
At the same time, the EU, G7 member countries, and Australia are participating in the price cap on Russian oil.
But the EU ban on Russian oil supersedes a price cap, Energy Aspects analyst Amrita Sen has pointed out.