On Monday, after months of brainstorming and weeks of internal haggling, the European Union, along with the G7 and Australia, finally snapped into place the next phase of its plan to economically kneecap Moscow: a $60 price cap on Russian oil, as well as an E.U. embargo on Russian crude. The price cap was floated earlier this summer by the Biden administration in part because sanctions, as draconian as they were, have not done nearly as much damage to the Russian economy as Western leaders had initially hoped. The Russian economy has proven remarkably resilient, as have the Russian people who, unlike their American counterparts, know there’s not much they can do politically when their economic condition worsens.