Ukraine war: Price cap on Russian oil will hit Putin immediately - US- PublishedA cap on the price of Russian oil will restrict Russia's revenues for its "illegal war in Ukraine", the US says.The cap, approved by Western allies on Friday, is aimed at stopping countries paying more than $60 (£48) for a barrel of seaborne Russian crude oil.The price cap was put forward in September by the G7 group of industrialised nations (the US, Canada, the UK, France, Germany, Italy, Japan and the EU) in a bid to hit Moscow's ability to finance the war in Ukraine.US Treasury Secretary Janet Yellen said the price cap would also further constrain Russian President Vladimir Putin's finances and "limit the revenues he's using to fund his brutal invasion", while avoiding disrupting global supplies which could send petrol prices soaring around the world.Though the measures will most certainly be felt by Russia, the blow will be partially softened by its move to sell its oil to other markets such as India and China - which are currently the largest single buyers of Russian crude oil."