So even though, on paper, the new price cap could collectively reduce Russia’s oil revenue, in reality, the new EU measures are unlikely to choke off Moscow's financial lifeblood.
One way to hit Moscow’s finances would be for President Trump to implement the "secondary sanctions" he threatened last week, whereby countries that buy oil from Moscow will be hit with 100% tariffs unless the Kremlin reaches a deal to end the war in Ukraine within 50 days.
These secondary tariffs mean any country buying Russian oil would face severe restrictions on its ability to trade with the world's largest economy.
Would Trump actually take this drastic step?
Trump has expressed significant frustration with Russian President Vladimir Putin in recent weeks. And given that the multiple rounds of EU and U.S. sanctions on Russia have had a limited impact on Moscow’s war chest, secondary sanctions could be one of the few effective tools left.
But in a global energy market, this effectiveness is precisely the problem.
If this drastic escalation of the West's economic war on Moscow were to severely curtail Russia's oil exports, this would also likely lead to a sharp increase in global oil prices and higher inflation – two things the U.S. president certainly does not want.
And that’s likely why – despite all these developments – Moscow and oil traders both appear relatively unfazed for now.