G7 countries agree to introduce price cap on Russian oil starting Dec. 5.

At a meeting on Sept. 2, G7 finance ministers formally backed the plan, which aims to ease energy market pressures while reducing Moscow’s overall revenues, Bloomberg reported. Now the diplomats will have to convince EU member nations to amend its sixth round of sanctions against Russia over its invasion of Ukraine, the report reads. Ursula von der Leyen, the president of the European Commission, said the bloc should cap the price of gas transported by pipeline from Russia to mitigate the effects of market manipulation by Russian dictator Vladimir Putin's regime.