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officials from the european union are expected to meet today, where they ll try to come to an agreement on a price. with any price cap effectively working as a form of sanctions against moscow in response to its invasion of ukraine. 0ur north america business correspondent michelle fleury has more. as it stands, the eu is set to halt the import of russian oil starting on december 5th and that promises notjust to hurt russia s huge oil business, but it also imposes painfully high prices on consumers who are already struggling with record inflation. we ve had all of these forecasts about the knock on effect that will have on global growth. other powers are also facing similar dilemmas and hence this compromise which is being pushed for by us treasury secretary janet yellen and which will come in the form of this price talk. this price cap that we re talking about and the idea is simple below a certain price, the us, the eu, the g7 nations and australia

Price capEuropean unionMichelle fleuryNorth americaOil businessIt standsDecember 5thRecord inflationUnited statesJanet yellenPrice talk