WASHINGTON (AP) — The Group of Seven nations and Australia have joined the European Union in agreeing to a $60-per-barrel price cap on Russian oil. It's a key step as Western sanctions aim to reorder the global oil market to prevent price spikes and starve President Vladimir Putin of funding for his war in Ukraine. The nations needed to set the discounted price that other nations will pay by Monday, when an EU embargo on Russian oil shipped by sea and a ban on insurance for those supplies take effect. The price cap aims to prevent a sudden loss of Russian oil to the world that could lead to a new surge in energy prices.

Get our free mobile app

Pictures from Winter Fest

U Create Christmas Crafting

More From K2 Radio