An EU embargo on Russian oil and a Western-imposed price cap on Russian oil came into effect on Monday as Moscow said it is preparing a response to the policies.
The US led the push to impose a price cap on Russian oil, and the EU agreed to set it at $60 per barrel, or at least 5% below market value. The EU embargo on Russian oil also prohibits issuing insurance for Russian oil shipments unless the crude is sold at or below the cap.