What the oil price cap & embargo mean for Russia and the world

A Western-led price-cap on Russian oil entered effect today, drawing the ire of Moscow and adding another kink to global oil markets.
The European Union and G7 nations agreed to a ceiling of 60 dollars a barrel over the weekend. Under the new rules, Western shipping and insurance firms must abide by the price cap for future transactions. Moscow vowed again on Sunday to stop all oil sales to nations participating in the cap.
Along with a price cap, an EU import ban on Russian oil delivered by ship has gone into effect. It means new shipments will be embargoed, though crude that's already undeway still be accepted. What are the likely impacts?