Soaring..

 
The 27 countries of the European Union agreed in June to ban the purchase of Russian crude oil from Dec. 5. In practical terms, the EU together with the United States, Japan, Canada and the U.K. want to drastically cut Russia's oil revenues in a bid to drain the Kremlin's war chest following its invasion of Ukraine.

However, concerns that a complete ban would send crude prices soaring led the G-7 to consider setting a cap on the amount it will pay for Russian oil.

An outright ban on Russian imports could be "really disruptive" to markets, according to Henning Gloystein, director of energy,

A price limit would see G-7 nations buy Russian oil at a lower price, in an effort to reduce Russia's oil income without raising crude prices across the globe.

However, EU nations have been in dispute for several days over the right level to cap prices.