U.S. and allies will meet to discuss a price cap on Russian oil

A price cap on Russian oil is set to take effect in about two weeks.

U.S. officials and our allies are discussing setting that cap around $60 dollars a barrel and hope to have the plan in place before December 5th. The price cap is part of sanctions against Russia for their months-long assault on Ukraine.

However, Russia has made it clear that it does not plan to sell oil products to any nation that implements it.

Ambassadors from the European Union will meet this week to discuss the cap and all members must agree unanimously, which diplomats say could be a challenge.