Australia and G7 nations are joining the European Union in adopting a global price cap on Russian oil.
The price of one barrel will now be capped at US$60.
The cap comes a day before an EU embargo on Russian oil shipped by sea takes effect and a ban on insurance for those supplies.
It’s a key step by G7 nations to prevent a sudden loss in Russian oil, which could lead to a surge in energy prices and further fuel inflation.
Ukraine’s President Volodymyr Zelensky has labelled the price cap as “weak” and not “serious” enough.