The G-7 is floating a new sanction against Russia in response to Russian President Vladimir Putin’s invasion of Ukraine. That sanction centers on capping the price nations would pay for Russian oil.

The Group of Seven leaders are expected to agree to start work on a mechanism to cap the purchase price of Russian oil….
Leaders will direct relevant ministers in their countries to work on the details of Russian oil caps, which would create a buyers’ cartel of Western nations and their allies, the official said.

To the extent such a cap would have a material effect on Putin’s economy, or more importantly on Putin’s war (how many battalions have the current sanctions forced Putin to withdraw from Ukraine?), and I’m not convinced a cap would have any material effect, I suggest a cap with which to begin would be the deeply discounted price at which Putin already is selling his oil to India and the People’s Republic of China.

On the other hand, though, there’s likely not much urgency to this virtue-signaling move:

There is no timeline yet on when the details will be worked out.