The G7 has announced its plan to price cap oil coming from Russia. the idea is to limit Russia's profits and to ensure affordable energy prices for importing countries.
The issue is that Russia has also announced that it would not sell oil to countries or companies who do not follow market pricing. The G7 plans to enforce the oil price cap by not insuring the transport of the oil.
For this plan to work, it is needed that main importers such as India, China and Turkey agree to the plan and Russia to agree to provide the oil at the limited price. I believe that there is a low likelihood for the plan to work.
For further information, read this article and this one