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is pretty close to the market price of oil at the moment. indeed, it was argued by poland for example that only a much lower cap, perhaps around 30 or $40, would actually have any effect on russia s finances, andindeed effect on russia s finances, and indeed the eu has been arguing about this for quite some time. the point being made that it costs about $30 $40 for russia to produce oil per barrel, and that anything less than that is not really going to have much effect. but this agreement has been reached, it will be flexible, so they will be monitoring it, both the eu and the g7, as far as prices are concerned, on the global markets in the weeks ahead. and quite possibly tweaking the price in response to that. thank you very much, david willis, our north american correspondent. we can now speak to angela stent, who s a senior adviser to the center for eurasian, russian and east european

Market priceFlower capThe european unionDavid willisAngela stentNorth americaSenior adviserEast european studies