What’s the effect of Russian oil price cap ban?

FRANKFURT, Germany — The deadline is looming for Western allies to agree on a price cap on Russia oil. The cap proposed by US Treasury Secretary Janet Yellen aims to reduce Russia’s oil earnings that support its military and the invasion of Ukraine. But there are questions about how effective the cap will be. The Dec. 5 start date also coincides with the European Union’s embargo on most Russian oil shipments. There’s uncertainty about how all this will affect oil markets, which are swinging between fears of lost Russian supply and weakening demand from the lagging global economy. The biggest disruption may not come until Feb. 5, when Europe halts imports of Russian oil products including diesel fuel.