The cap, which stops countries paying more than $60 a barrel, is due to come into force on Monday.
A new cap on the price of Russian oil will "immediately cut into Putin's most important source of revenue," the US has said.which was officially approved by Western allies on FridayThe cap stops countries paying more than $60 a barrel for seaborne exports of Russian crude oil.Low and medium-income countries that have been heavily impacted by high energy and food prices will particularly benefit from the cap, Ms Yellen said.
The European Union approved the price cap - which needed the agreement of all its member states - on Friday, after persuading Poland to back it. Warsaw had wanted the value to be as low as possible and had held out while it examined an adjustment mechanism which would keep the cap below the market rate as the price of oil changed.
The agreement of a price cap comes just days before an EU-wide ban on Russian crude oil imported by sea comes into force, also on 5 December.Countries that sign up to the G7-led policy will only be permitted to purchase oil and petroleum products transported via sea that are sold at or below the price cap.
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