After prolonged negotiations in Brussels, European diplomats proposed a restrict on the value of Russian oil Friday, a transfer {that a} Biden administration official known as “welcome information.” If the Group of Seven nations and Australia concur, it’s going to take impact Monday — the identical day the European Union’s embargo on Russian seaborne crude goes into pressure. It stays unclear whether or not the transfer will hit Moscow’s funds, for the reason that $60-per-barrel cap is so near present costs.