The Group of Seven wealthy nations (G7), the European Union and Australia have set price caps for Russian diesel and other refined petroleum products in order to maintain market supply while reducing Moscow’s income when an EU embargo takes effect, Reuters reported.

The EU action, which goes into effect on February 5, is in response to a prior EU embargo on Russian seaborne petroleum, for which the G7, Australia, and the bloc imposed a crude price cap at $60 per barrel starting on December 5.

The coalition seeks to penalize Russia for its invasion of Ukraine almost a year ago by preventing it from earning money from the export of its goods and oil while also preventing a price spike that may happen if Russian oil stopped being sold on international markets.